2x MicroStrategy ETF Shoots 52%, Clocks $1B Trading Volume

The T-Rex 2X Long MicroStrategy Daily Target ETF (MSTU) surged by an impressive 52% today. The ETF saw record trading volume, with over $1 billion exchanged throughout the session, marking a historic day for the fund. Senior ETF analyst Eric Balchunas highlighted the remarkable price movement on X.

MicroStrategy ETF Breaks Records

Balchunas commented, “MSTU is up 50%(!) today… on a record $1b in volume too. Wild scenes today.” Moreover, he also pointed out the broader market activity. He noted that the “Bitcoin Industrial Complex,” including ETFs and companies like MicroStrategy (MSTR) and Coinbase (COIN), witnessed an unprecedented $38 billion in trading volume today.

$MSTU is up 50%(!) today.. on a record $1b in volume too. Wild scenes today pic.twitter.com/rVf9Cwsq1L

— Eric Balchunas (@EricBalchunas) November 11, 2024

The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon pic.twitter.com/rcOLs0MhNF

— Eric Balchunas (@EricBalchunas) November 11, 2024

This record-breaking activity signals a robust week of inflows across the sector, with the Bitcoin ETF IBIT contributing a substantial $4.5 billion to the total volume. The sheer scale of the trading activity prompted Balchunas to dub the day as “insane,” calling for a new term akin to “Volmageddon” to describe the event.

At the time of closing on Monday, November 11, the MSTU ETF was priced at $139.39, marking a surge of 52.36% or a $47.90 increase. Furthermore, the ETF also entered the list of Top 25 U.S. ETFs by Volume, grabbing the 23rd spot. Meanwhile, BlackRock’s IBIT Bitcoin ETF bagged the fourth spot, marking a new high in the daily trading volume.

Latest BTC Acquisition by Company

The surge in the MSTU ETF comes on the back of significant corporate developments. MicroStrategy, the world’s largest corporate holder of Bitcoin, recently announced an update on its Bitcoin accumulation strategy. Between October 31 and November 10, 2024, MicroStrategy added approximately 27,200 BTC to its holdings, investing $2.03 billion in cash at an average price of $74,463 per Bitcoin, including associated fees. This purchase was funded through proceeds from the sale of company shares under its existing sales agreements.

With this new acquisition, MicroStrategy’s total Bitcoin holdings now stand at around 279,420 BTC, valued at approximately $11.9 billion. The company’s average acquisition cost per Bitcoin across all purchases is now $42,692, including all associated costs.