Stock Track | MSTX ETF Soars on MicroStrategy's Massive Bitcoin Bet

Stock Track11-12

The Defiance Daily Target 2X Long MSTR ETF (MSTX), an exchange-traded fund (ETF) that tracks twice the daily performance of MicroStrategy's stock, surged by a remarkable 10.25% over the past 24 hours as of November 11, 2024.

This significant rally can be attributed to MicroStrategy's recent acquisition of 27,200 Bitcoin (BTC) for a staggering $2.03 billion. This substantial purchase brings MicroStrategy's total BTC holdings to 279,420 coins, valued at around $11.9 billion.

MicroStrategy, widely recognized as the largest corporate holder of Bitcoin, executed this acquisition at an average price of $74,463 per BTC, demonstrating its unwavering belief in the cryptocurrency's long-term potential. The timing of the acquisition coincided with Bitcoin's breach of its all-time high on November 6, 2024, further fueling positive market sentiment.

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