Bitcoin Bets Go Wild as MSTR and Leveraged ETFs Surge
Bitcoin-linked stocks have seen significant gains in recent days, particularly those tied to MSTR, Strategy Inc.'s ticker. The stock itself has surged nearly 29% over five trading days, while leveraged ETFs linked to MSTR have risen even more dramatically.
The T-Rex 2X Long MSTR Daily Target ETF (MSTU), GraniteShares 2x Long MSTR Daily ETF (MSTP), and Defiance Daily Target 2X Long MSTR ETF (MSTX) all jumped roughly 60% over the same period. This is despite a sharp pullback on Wednesday, when MSTR fell 3.07% to $162.20 after closing at $167.33 on Tuesday.
The gains are largely due to Strategy's recent Bitcoin purchases, which have reignited interest in MSTR and other crypto-linked equities. The company bought 950 BTC for $75.7 million between September 14th and 20th, taking its holdings to 846,000 BTC.