The Defiance Daily Target 2X Long MSTR ETF (MSTX), an exchange-traded fund that aims to provide twice the daily return of MicroStrategy Incorporated (MSTR), surged 6.39% in the intraday trading session on Thursday.
This significant move can be attributed to the growing interest in MicroStrategy's investment in Bitcoin. According to Greenlight Capital's fourth-quarter 2024 investor letter, MicroStrategy has become a prominent holder of Bitcoin, with the company's principal pursuit being the acquisition of the cryptocurrency.
While MicroStrategy still operates a small software business, its primary focus has shifted towards accumulating Bitcoin. The firm has been labelled an "investment company that buys and holds Bitcoin" by Greenlight Capital. This strategy has garnered attention, with investors recognizing the potential upside as Bitcoin's value continues to rise.
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