The Defiance Daily Target 2X Long MSTR ETF (MSTX) soared an impressive 6.33% in pre-market trading on Tuesday, following a significant bitcoin purchase by MicroStrategy, the company whose stock is tracked by the leveraged ETF.
MicroStrategy, led by CEO Michael Saylor, announced that it had acquired an additional 2,530 bitcoins for around $243 million at an average price of $95,972 per coin. This latest purchase brings MicroStrategy's total bitcoin holdings to a staggering 450,000 BTC, valued at approximately $41 billion based on current prices.
As a leveraged ETF that aims to provide 2x the daily returns of MicroStrategy's stock price, MSTX rallied sharply as investors reacted positively to the company's continued commitment to accumulating bitcoin as a reserve asset. MicroStrategy has been steadily adding to its bitcoin position over the past few years, despite volatility in the crypto markets, and this strategic move has been a driving force behind MSTX's performance.
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