Bitcoin

Defiance

The newly launched MicroStrategy leveraged ETF, trading under the ticker $MSTX, is rapidly gaining traction on Wall Street. 
The MSTX ETF has amassed $127 million in assets within just six days of its debut, <a href="https://x.com/EricBalchunas/status/1828115768967602536" target="_blank" rel="">said</a> Eric Balchunas, senior ETF Analyst for Bloomberg.&nbsp; 
The ETF, which seeks to deliver 175% of <a href="https://crypto.news/tag/MicroStrategy/" target="_blank" data-type="link" data-id="https://crypto.news/tag/MicroStrategy/" rel="noreferrer noopener">MicroStrategy’s</a> daily stock return, has been trading at over $100 million in volume per day, showing strong investor interest in MicroStrategy and Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>). 
On August 23, the ETF surged by 20% after a volatile week that included a 10% decline the previous day. Due to its high volatility and potential for significant short-term gains and losses, Balchunas described the ETF as the “mechanical bull” of ETFs. 
Issued by Defiance ETFs, known for its thematic and leveraged funds, $MSTX allows investors to amplify their exposure to Bitcoin, as MicroStrategy’s stock is widely viewed as a proxy for the cryptocurrency. 
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<h2 class="wp-block-heading" id="microstrategy-s-goals">MicroStrategy’s goals&nbsp;</h2> 
MicroStrategy is one of the largest corporate holders of Bitcoin. The company recently <a href="https://crypto.news/microstrategy-seeks-raising-2b-to-buy-more-bitcoin/" target="_blank" rel="noreferrer noopener">announced</a> plans to raise $2 billion by selling its class A shares to further invest in Bitcoin and repay debt.&nbsp; 
In its Q2 financial results, MicroStrategy reported acquiring 12,222 Bitcoin at a total cost of over $805 million, bringing its total Bitcoin holdings to 226,500. 
South Korea’s National Pension Service <a href="https://crypto.news/south-koreas-largest-pension-fund-injects-33-75-million-in-microstrategy-shares/">has invested</a> $33.75 million in 24,500 shares of MicroStrategy, and other funds <a href="https://crypto.news/japans-largest-pension-fund-to-explore-bitcoin-investments/">like Japan’s GPIF</a> and Michigan’s Retirement System <a href="https://crypto.news/michigan-adds-6-6m-in-bitcoin-etfs-to-pension-fund/">are also participating</a> through ETFs. This growing institutional interest suggests a cautious but notable shift towards integrating Bitcoin into traditional investment portfolios. 
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MicroStrategy ETF accumulates $127m in assets, $100m daily volume

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