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Leveraged ETFs Tied to Strategy See Trading Volume Surge as Bitcoin-HODLer MSTR Teeters on 200-Day Average
Volume in both leveraged long and short ETFs has increased sharply.
Mar 11, 2025, 9:13 a.m.
What to know:
- Defiance's leveraged 2x long and 2x short ETFs experienced a surge in activity on Monday as Strategy's shares fell to their 200-day average.
- Strategy, the world's largest public-listed bitcoin holder, saw its share price decline by 55% since its peak in November, amid broader market concerns and a rise in the anti-risk Japanese yen.
Defiance's leveraged Strategy (MSTR) exchange-traded funds (ETFs) saw a surge in activity on Monday as the bitcoin -holding firm's shares fell to their 200-day average.
A record 24.33 million shares in the Defiance daily target 2x long MSTR ETF, trading under the ticker MSTX, changed hands as the ETF price slipped 32% to $17.90, the lowest since September, according to data source TradingView. The ETF seeks to deliver 200% of the daily percentage change in the share price of Strategy, formerly known as MicroStrategy.
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Meanwhile, trading volume in the Defiance daily target 2x short MSTR ETF (SMST) tallied 51.21 million, the highest since Nov. 24. The ETF seeks to deliver investment results corresponding to 2 times the inverse of the daily performance of shares in Strategy. (The net inflow figure for both funds for Monday is not yet available.)
MSTR fell 16.6% Monday to its 200-day simple moving average (SMA), revisiting the late February low of $231.62 as the broader market wilted on U.S. recession fears and continued rise in the anti-risk Japanese yen. The share price has declined 55% since reaching a peak of $543 on Nov. 21.
Strategy is the world's largest public-listed bitcoin holder, boasting a coin stash of 499,096 BTC ($40.4 billion). The company began accumulating BTC as a balance sheet asset in November and has since pursued an aggressive accumulation strategy of funding purchases with debt sales.
On Monday, the company announced a $21 billion at-the-market (ATM) offering of its Series A preferred stock (STRK), the proceeds of which will be mostly used to finance fresh BTC purchases.
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