What to know:
- On a most eventful Monday, the leveraged 2x long and 2x short ETFs of Defiance found themselves in a veritable flurry of activity, as the shares of Strategy descended to their 200-day average, much like a wayward suitor at a ball. 🎉
- Alas, Strategy, the grandest of public-listed bitcoin holders, has seen its share price plummet by a staggering 55% since its November zenith, all amidst the broader market’s trepidations and the rise of the ever-cautious Japanese yen. 😱
Indeed, the leveraged Strategy (MSTR) exchange-traded funds (ETFs) experienced a remarkable surge in activity on the aforementioned Monday, as the bitcoin (BTC)-holding firm’s shares fell to their 200-day average, much to the chagrin of its investors.
In a record-breaking display, 24.33 million shares of the Defiance daily target 2x long MSTR ETF, known by the ticker MSTX, exchanged hands, as the ETF price tumbled by 32% to a mere $17.90, the lowest it has been since the month of September. One might say it was a most unfortunate turn of events, as the ETF aspires to deliver 200% of the daily percentage change in the share price of Strategy, formerly known as MicroStrategy. 📉
Meanwhile, the trading volume of the Defiance daily target 2x short MSTR ETF (SMST) reached a staggering 51.21 million, the highest since the 24th of November. This ETF, in its own right, seeks to deliver investment results corresponding to twice the inverse of the daily performance of shares in Strategy. (The net inflow figure for both funds for Monday remains a mystery yet to be unveiled.)
On that fateful Monday, MSTR fell by 16.6%, revisiting the 200-day simple moving average (SMA) and echoing the late February low of $231.62, as the broader market wilted under the weight of U.S. recession fears and the persistent rise of the cautious Japanese yen. The share price has indeed declined by 55% since it reached its peak of $543 on the 21st of November. 😩
Strategy, the illustrious holder of 499,096 BTC (valued at a staggering $40.4 billion), has pursued an aggressive accumulation strategy, having begun to amass BTC as a balance sheet asset in November, and funding its purchases through the sale of debt. Quite the audacious endeavor, one might say!
On that very Monday, the company announced a $21 billion at-the-market (ATM) offering of its Series A preferred stock (STRK), the proceeds of which shall be primarily devoted to financing fresh BTC purchases. One can only hope that this venture proves more fruitful than a ball where one is left without a partner! 🥳
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2025-03-11 12:36