The T-Rex 2X Long MSTU Daily Target ETF (MSTU) witnessed a sharp pre-market plunge of 7.70% on Monday, following the announcement from MicroStrategy (MSTR) regarding its Bitcoin investment performance for the year 2024.
MicroStrategy, the company that MSTU is designed to track with leverage, reported a Bitcoin yield of 74.1% for the full year 2024. This marked a significant increase from the previous year's performance, as the company continues to pursue its strategic investment in the world's largest cryptocurrency.
However, the market seems to have reacted negatively to the news, with MSTU, an ETF that aims to provide twice the daily return of MicroStrategy's stock, experiencing a sharp decline in the pre-market session. This could be due to investors' concerns about the volatility associated with Bitcoin investments and the potential risks involved in leveraged products.
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