The Defiance Daily Target 1.75X Long MSTR ETF (MSTX) surged by 9.67% in pre-market trading on October 29th, reflecting the continued upward momentum of MicroStrategy's stock price. This leveraged ETF aims to track 1.75 times the daily performance of MicroStrategy (MSTR), a company known for its substantial Bitcoin holdings.
MicroStrategy's stock has been on a tear lately, surging more than 10% during the Monday trading session and 53% over the past month. This rally can be attributed to the company's Bitcoin investment strategy, which has garnered significant attention from institutional investors like BlackRock.
One major driver of this trend is the investment management firm BlackRock, which has been aggressively buying Bitcoin and increasing its stake in MicroStrategy. According to reports, BlackRock acquired $1 billion worth of Bitcoin last week and an additional $300 million on Monday. The firm has also expanded its stake in MicroStrategy to 5.2%, tying itself closely to the company's Bitcoin investments.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.