The Defiance Daily Target 2X Long MSTR ETF (MSTX) experienced a 5.24% surge in after-hours trading on Monday, January 13th, following a significant Bitcoin purchase by MicroStrategy.
MicroStrategy, the company whose stock is tracked by MSTX with 2x daily leverage, announced that it had acquired an additional 2,530 Bitcoin for $243 million at an average price of $95,972 per coin. This latest purchase brings MicroStrategy's total Bitcoin holdings to an impressive 450,000 BTC, valued at around $41 billion based on current market prices.
MicroStrategy, led by CEO Michael Saylor, has been steadily accumulating Bitcoin over the past several years, despite the volatility in the cryptocurrency market. The company's strategic move to embrace Bitcoin as a legitimate investment asset has been a driving force behind MSTX's performance, as the ETF amplifies the daily movements of MicroStrategy's stock.
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