Stock Track | Defiance Daily Target 2X Long MSTR ETF Plummets 10.55% on News of New Board Members at MicroStrategy

Stock Track

Dec 23, 2024

The Defiance Daily Target 2X Long MSTR ETF, which tracks the performance of MicroStrategy Incorporated stock, saw a significant drop of 10.55% on Monday, following the news that MicroStrategy has added three new board members, including former Binance.US CEO Brian Brooks.

MicroStrategy, a company known for its large Bitcoin holdings and led by crypto enthusiast Michael Saylor, announced the appointment of Brooks, along with former U.S. Senator Kelly Loeffler and veteran tech executive Leslie Kilgore, to its board of directors.

While the addition of experienced individuals to the board is generally seen as a positive move, the market's reaction to this news appears to be negative, at least in the short term, leading to a substantial decline in the value of the Defiance Daily Target 2X Long MSTR ETF, which aims to provide leveraged exposure to MicroStrategy's stock performance.

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