The Defiance Daily Target 2X Long MSTR ETF (MSTX) soared 8.23% in the pre-market trading session on Tuesday, driven by a rebound in MicroStrategy (MSTR), the underlying stock that the leveraged ETF is designed to track.
According to reports, MicroStrategy (MSTR), the world's largest corporate holder of Bitcoin, rose 3.3% in pre-market trading. This recovery came after MSTR shares fell 8.2% the previous day, following a disclosure that the company's weekly purchases of the cryptocurrency had declined from the prior week.
The MSTX ETF, which aims to provide twice the daily returns of MicroStrategy, amplified the underlying stock's pre-market gains, leading to the significant soar in its price. The ETF's leveraged exposure to MicroStrategy's movements highlights the impact that the company's Bitcoin investments and related news can have on the volatility of the MSTX ETF.
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