The Defiance Daily Target 2X Long MSTR ETF (MSTX) experienced a significant soaring of 5.21% intraday on Thursday, fueled by the bullish sentiment surrounding Bitcoin and its underlying asset, MicroStrategy (MSTR).

MSTX, a leveraged ETF offering 2x exposure to MicroStrategy's stock price movements, benefited from the positive outlook for Bitcoin and the favorable analyst coverage of MicroStrategy. The cryptocurrency market has been buoyed by several catalysts, including reports of President-elect Trump's pro-crypto stance and Bernstein's optimistic forecast of Bitcoin reaching $200,000 by 2025.

MicroStrategy, a prominent enterprise analytics firm with substantial Bitcoin holdings, saw its stock rally after analysts at Benchmark reiterated their "Buy" rating and bullish recommendations. This positive sentiment spilled over to MSTX, amplifying the gains due to its leveraged structure. The market's optimism for the growth potential of Bitcoin and MicroStrategy's prospects fueled the significant upward movement in the leveraged ETF.