The Defiance Daily Target 2X Long MSTR ETF (MSTX) plummeted 10.6% in Tuesday morning trading, following an even larger drop in MicroStrategy (MSTR) stock.
The decline in MSTX, which tracks 2x the daily returns of MicroStrategy, came after President Donald Trump's inaugural address did not touch on his plans for Bitcoin. This disappointed investors who were expecting Trump to deliver on campaign promises of a "golden age" for cryptocurrency and talk of a strategic Bitcoin reserve.
MicroStrategy is one of the largest corporate holders of Bitcoin, with roughly 461,000 Bitcoins acquired for $29.3 billion as of Monday. The software company's stock fell 0.6% to $394.06 as Trump's speech and executive orders signed overnight remained silent on cryptocurrencies.
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