The Defiance Daily Target 2X Long MSTR ETF (MSTX) surged 14.8% in pre-market trading on Monday, November 25th, 2024. This leveraged ETF aims to provide two times the daily returns of MicroStrategy Inc. (MSTR), the largest corporate holder of Bitcoin.
The pre-market rally in MSTX came on the heels of reports that MicroStrategy is expected to unveil a fresh purchase of Bitcoin within the next few days, using proceeds from a $3 billion convertible bond sale that closed on Friday. The bond sale was boosted in size from $2.6 billion due to strong investor demand.
MicroStrategy, which held 331,200 coins as of November 17th, has been on a bitcoin buying spree during November. The company's continued investment in the world's largest cryptocurrency has been seen as a positive move by investors, as it aligns MicroStrategy's fortunes with the potential growth of Bitcoin.
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