Stock Track | T-Rex 2X Long MSTR ETF Soars 17% on Crypto Market Strength Ahead of U.S. Election

Stock Track11-06 00:04

The T-Rex 2X Long MSTR Daily Target ETF (MSTU) surged by 17.44% on November 5, 2024, driven by a broad rally in the cryptocurrency market as the United States headed to the polls to elect the next president and determine control of Congress.

MSTU, an exchange-traded fund that provides leveraged exposure to the stock price of MicroStrategy (MSTR), a company known for its significant Bitcoin holdings, benefited from the bullish sentiment surrounding digital assets. Bitcoin itself crossed back above the $70,000 mark during the U.S. trading session, gaining 2.4% over the previous 24 hours.

Analysts attributed the crypto market's strength to speculation that a potential victory by Donald Trump, who was perceived as more crypto-friendly, could further boost Bitcoin and crypto-related stocks like MicroStrategy. Additionally, the broader risk asset market rallied on election day, with crypto-linked stocks such as Semler Scientific, which recently disclosed additional Bitcoin purchases, surging by 26%.

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