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Investors now have more ways to invest in or against MicroStrategy Inc , a software company and Bitcoin holder that has outperformed top stocks, asset types and index funds in recent years.
What Happened: REX Shares and Tuttle Capital Management launched two new ETFs Wednesday to give investors more ways to get exposure to MicroStrategy stock with leveraged and inverse ETFs.
The two companies launched the T-REX 2X Long MSTR Daily Target ETF M and the T-REX 2X Inverse MSTR Daily Target ETF M.
"These are the first ETFs to provide investors with 200% leveraged exposure and -200% inverse exposure to the daily price movement of MicroStrategy (MSTR), allowing traders to capitalize on MSTR's exposure to the Bitcoin market," the companies said.
The launch comes after Defiance launched a 1.75X long MicroStrategy ETF and 1.5X Short MicroStrategy ETF in August with the Defiance Daily Target 1.75X Long MSTR ETF and Defiance Daily Target 1.5X Short MSTR ETF respectively.
With the new 2X ETFs, REX and Tuttle have pushed the envelope further.
"The 2X Leveraged and 2X Inverse MSTR ETFs offer traders unparalleled access to MicroStrategy's Bitcoin exposure, whether they're looking to amplify potential gains or hedge against market volatility. We're a product of our ability to redefine what's possible in the ETF industry," Tuttle Capital Management CEO Matthew Tuttle said.
REX Shares CEO Greg King said the new ETFs help provide tools to traders "to engage with a company that's pushing the boundaries in digital assets."
"MicroStrategy's forward-thinking approach presents a compelling opportunity for traders seeking additional ways to trade the stock," King added.
The launches follow several other leveraged and inverse ETFs from REX and Tuttle Capital. The two companies launched the T-REX 2X Long Bitcoin Daily Target ETF and T-REX 2X Inverse Bitcoin Daily Target ETF in July.
Read Also: Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: ‘Puts Profits Ahead Of Politics, DEI & ESG’
Why It's Important: MicroStrategy has been a top-performing stock, gaining 94% year-to-date in 2024 and gaining 790% over the last five years.
The company has also seen shares highly volatile as related to the price of Bitcoin because the company is a large holder of the leading cryptocurrency.
MicroStrategy recently announced it bought $1.1 billion worth of Bitcoin bringing its total up to 244,800 Bitcoin. The company recently raised over $800 million to redeem $500 million in senior secured notes and to buy additional Bitcoin.
MicroStrategy began buying Bitcoin in August 2020 and will continue to add more Bitcoin, as co-founder and Executive Chairman Michael Saylor previously told Benzinga.
"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor told Benzinga.
Saylor said he believes Bitcoin is the best asset in the world.
"Everything else in the world is inferior to Bitcoin. So, if you gave me $1 million and said what do you want to buy, I don't want to buy a sports team, I don't want to buy a building, I don't want to buy a company ... all I want to buy is Bitcoin," Saylor previously told Benzinga.
Saylor also previously said that if people hate Bitcoin, they can short MicroStrategy and if they love Bitcoin they could buy the stock.
While investors have more ways to get Bitcoin exposure thanks to cryptocurrency exchanges and Bitcoin ETFs, MicroStrategy remains a popular option to get exposure.
With the new leveraged and inverse ETFs, investors have more ways to predict what will happen to MicroStrategy in terms of the stock going up or down.
Tuttle previously told Benzinga that leveraged and inverse ETFs aren't for all investors, but have an important place in the market.
"They are a tool, just like stocks, bonds, ETFs, mutual funds, options, etc.," Tuttle told Benzinga. "Just like any tool some people will use them correctly and others won't."
Tuttle said that leveraged ETFs can be used by investors as an “alternative to options.”
“Unlike options, they can be traded after hours. They are very conducive to short-term trading strategies.”
Read Next:
Photo: Master Tux from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
2024 has been a terrific year for ETF launches, with more than 460 new products introduced so far, on track to surpass the all-time annual record set in 2023.
Approximately 70% of the recently launched products are actively managed, many of which involve covered call strategies for high-income generation. Additionally, buffer or defined outcome ETFs and single-stock ETFs have also experienced significant growth.
Rob Arnott, known as the “Godfather of Smart Beta,” launched his first ETF, which invests in companies dropped from major indexes like the S&P 500 and the Russell 1000. The Research Affiliates Deletions ETF NIXT holds beaten-down stocks and is essentially a wager on long-term mean reversion.
The ERShares Private-Public Crossover ETF XOVR aims to provide access to the most entrepreneurial large-cap companies and can hold up to 15% private equity securities. Private assets are generally not well-suited for the ETF model, but many ETF providers are trying to bring this lucrative area of the market to ETF investors.
The Defiance Daily Target 1.75x Long MSTR ETF MSTX, the most volatile ETF in the U.S., according to Bloomberg Intelligence, has gathered over $190 million within a month of its debut. MicroStrategy MSTR, a Bitcoin proxy, had gained more than 100% earlier this year, while the 3X leveraged ETP had plunged more than 80% due to volatility decay.
Tradr ETFs recently launched a suite of eight “Calendar Reset Leveraged ETFs.” These new products rebalance either weekly or monthly, aiming to reduce volatility drag.
Six new ETFs seek 200% exposure to the weekly or monthly performance of the SPDR S&P 500 ETF SPY, the Invesco QQQ ETF QQQ, and the iShares Semiconductor ETF SOXX, respectively. The other two ETFs provide long leveraged weekly exposures to NVIDIA NVDA and Tesla TSLA.
To learn more, please watch the short video above.
Zacks Investment Research
Business intelligence firm MicroStrategy announced the pricing of its offering of $875 million in convertible senior notes, due in 2028.
What Happened: This offering, expected to close by Sep. 19, 2024, is part of the company's strategy to redeem $500 million in outstanding senior secured notes and to allocate the remaining funds towards purchasing additional Bitcoin.
According to a press release, the net proceeds from the offering are estimated at $864.1 million, with a potential increase to $997.4 million if an additional purchase option is exercised by the initial buyers.
The notes, which carry a 0.625% interest rate, will be convertible into cash, shares of MicroStrategy's Class A common stock, or a combination of both, providing flexibility to noteholders.
MicroStrategy, under the leadership of Executive Chairman Michael Saylor, began acquiring Bitcoin in 2020, positioning it as a reserve asset within the company's treasury.
www.benzinga.com/events/digital-assets
Since then, the firm has grown into the largest corporate holder of Bitcoin, amassing 244,800 BTC, valued at around $14.2 billion at current prices.
Recently, the company revealed a new Bitcoin purchase worth $1.1 billion, leaving $900 million still available from a prior funding round.
The redemption of the $500 million senior secured notes, scheduled for Sep. 26, is contingent on the success of this new convertible notes offering.
The redemption will release approximately 69,080 BTC that were used as collateral, providing further flexibility to the company's balance sheet.
What’s Next: These trends will be discussed at Benzinga's Future of Digital Assets event on Nov. 19, where the role of Bitcoin in institutional portfolios and broader adoption of digital assets will be key points of focus.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
** MicroStrategy's MSTR.O shares down 1.3% premarket at $129.59 after notable bitcoin buyer raises capital
** Software firm announces pricing offering of $875 mln 0.625% convertible bonds due 2028
** Initial conversion price of $183.19 represents 40% premium over VWAP (volume-weighted avg price) of MSTR shares from 1:00 p.m through 4:00 p.m. ET on Tues, co says
** Late Mon, it announced $700 mln convertible bond offering to redeem all $500 mln outstanding of its 6.125% notes due 2028, and remainder to acquire additional bitcoin
** Last week, MSTR disclosed it bought bitcoin worth $1.1 bln between Aug 6-Sept 12
** Through Tues, shares have more than doubled in 2024. Stock closed at $34.06 a year ago
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
(( lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380) )
Sept 18 (Reuters) - Microstrategy Inc MSTR.O:
MICROSTRATEGY ANNOUNCES PRICING OF OFFERING OF CONVERTIBLE SENIOR NOTES
MICROSTRATEGY INC - PRICES $875 MILLION OF 0.625% CONVERTIBLE SENIOR NOTES DUE 2028
Source text for Eikon: (Full Story)
Further company coverage: MSTR.O
In a candid interview, MicroStrategy Executive Chairman Michael Saylor shared insights on his company’s Bitcoin strategy and his outlook for the future of digital assets.
What Happened: In an interview on the Bitcoin Standard podcast, Saylor said his conviction in Bitcoin as the ultimate store of value remains unwavering. He argued that Bitcoin’s historical returns of around 46% annually make it difficult for other investment opportunities to compete.
“Bitcoin’s up like 46% ARR every year for the past four years. So 50% is my risk-free return. Are you going to give me a proposition that is risk-free better than 50%?”
Looking ahead, Saylor presented a 21-year forecast model dubbed “Bitcoin 24.” His base case projects a 29% annual return for Bitcoin over the next two decades, potentially reaching $13 million per coin by 2045.
While bullish on Bitcoin, Saylor doesn’t see it as a zero-sum game for other asset classes. He expects Bitcoin to grow from 0.1% of global wealth to about 7% by 2045, coexisting with traditional assets like equities and real estate.
“MicroStrategy’s up 964% since August 10th, 2020,” Saylor noted, comparing it to other top performers like Nvidia (up 94%) and Bitcoin itself (up 387%).
www.benzinga.com/events/digital-assets
Also Read: MicroStrategy Doubles Down On Bitcoin: Can The Stock Sustain Its Rally?
Saylor believes, "Bitcoin is introducing a rationality virus... I’m in favor of gradual, graceful, gentle spreading of the rational virus, which I think will get us to a different place.”
As for corporate adoption, Saylor anticipates more companies will follow MicroStrategy’s lead in allocating treasury reserves to Bitcoin. He speculates on the impact if tech giants like Apple or Meta were to invest their cash flows into Bitcoin instead of stock buybacks.
While acknowledging regulatory hurdles and the need for traditional banking support, he said "I don’t think it’s going to be a doomsday scenario. I think it’s going to be a utopia when we start saving in something other than government coupons.”
As Bitcoin approaches its next halving and enters a new four-year cycle, Saylor’s unwavering commitment and long-term vision continue to shape the narrative around institutional Bitcoin adoption.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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