Stock Track | MSTX ETF Surges 16% on MicroStrategy's Massive Bitcoin Acquisition

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The Defiance Daily Target 2X Long MSTR ETF (MSTX), an exchange-traded fund (ETF) designed to track twice the daily performance of MicroStrategy's stock, witnessed a remarkable pre-market surge of 16.62% on November 12, 2024.

This significant rally can be attributed to MicroStrategy's recent acquisition of 27,200 Bitcoin (BTC) for a staggering $2.03 billion. With this substantial purchase, MicroStrategy now holds a total of 279,420 BTC, valued at around $11.9 billion, solidifying its position as the largest corporate holder of the world's leading cryptocurrency.

The timing of MicroStrategy's acquisition coincided with Bitcoin's breach of its all-time high on November 6, 2024, further fueling positive market sentiment and investor confidence in the company's long-term strategy of accumulating Bitcoin as a reserve asset.

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