The Defiance Daily Target 1.75X Long MSTR ETF (MSTX) surged by 5.23% on Thursday, October 25th, 2024, fueled by the remarkable performance of MicroStrategy Inc. (MSTR), the underlying stock tracked by the leveraged ETF.
MicroStrategy, a software company that has made headlines for its strategic investments in Bitcoin, saw its stock price reach a new 52-week high of $236.29 during Thursday's trading session. The company's shares have soared by an astonishing 244% year-to-date, reflecting investors' growing confidence in its unique positioning as a gateway for institutional investors to gain exposure to the world's largest cryptocurrency.
A significant driver of this optimism is BlackRock Inc. (BLK), the world's largest asset manager, which recently expanded its stake in MicroStrategy to 5.2%. This move is seen as a strong vote of confidence in the company's future prospects, with analysts projecting that Bitcoin could reach $200,000 by the end of 2025.
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