The Defiance Daily Target 2X Long MSTR ETF (MSTX) surged 7.37% in pre-market trading on Friday, as Bitcoin reached a new all-time high overnight, exceeding $118,000. This significant move in the cryptocurrency market has had a ripple effect on crypto-related stocks, particularly benefiting MicroStrategy (MSTR), which MSTX aims to provide leveraged exposure to.
MicroStrategy, one of the largest corporate holders of Bitcoin, saw its stock jump 3.6% in pre-market trading. As a 2X leveraged ETF, MSTX amplified this movement, resulting in its more pronounced 7.37% gain. The surge in Bitcoin's price has substantially increased the value of MicroStrategy's crypto holdings, which currently stand at 597,325 tokens purchased at an average price of $70,982 each.
At the current Bitcoin price above $118,000, MicroStrategy's holdings are valued at approximately $70.6 billion, significantly above their total purchase cost of around $42.4 billion. This appreciation in Bitcoin's value directly impacts MicroStrategy's stock price, and consequently, the performance of the MSTX ETF. As Bitcoin continues to reach new heights, investors in MSTX are positioned to potentially benefit from amplified exposure to MicroStrategy's Bitcoin-driven stock movements.
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