Stock Track | Defiance Daily Target 2X Long MSTR ETF Soars 10% as MicroStrategy Buys 2,530 More Bitcoins

Stock Track

Jan 14

The Defiance Daily Target 2X Long MSTR ETF (MSTX) soared an impressive 10.16% intraday on Tuesday, driven by MicroStrategy's latest massive bitcoin purchase that reinforced the company's commitment to accumulating the cryptocurrency as a reserve asset.

MicroStrategy, the company whose stock is tracked by the leveraged MSTX ETF, announced that it had acquired an additional 2,530 bitcoins for around $243 million at an average price of $95,972 per coin. This 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 strategy of accumulating bitcoin. MicroStrategy, led by CEO Michael Saylor, 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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This purchase brings MicroStrategy's total bitcoin holdings to a staggering 450,000 BTC, valued at approximately $41 billion based on current prices.</p>\n\n<p>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 strategy of accumulating bitcoin. 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