The Defiance Daily Target 1.75X Long MSTR ETF (MSTX) soared by 8.99% in the last 24 hours, reflecting the continued upward momentum of MicroStrategy's stock price. This leveraged ETF aims to track 1.75 times the daily performance of MicroStrategy (MSTR), a company known for its substantial Bitcoin holdings.
MicroStrategy's stock has been on a tear lately, surging more than 10% during the Monday trading session and 53% over the past month. This rally can be attributed to the company's Bitcoin investment strategy, which has garnered significant attention from institutional investors.
One major driver of this trend is the investment management firm BlackRock, which has been aggressively buying Bitcoin and increasing its stake in MicroStrategy. According to reports, BlackRock acquired $1 billion worth of Bitcoin last week and an additional $300 million on Monday. The firm has also expanded its stake in MicroStrategy to 5.2%, tying itself closely to the company's Bitcoin investments.
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