Leveraged ETFs tied to MicroStrategy’s stock have fallen sharply this year. The 2‑x long equity funds MSTX and MSTU have dropped 82% since the start of 2024, hitting their lowest levels since launch. The 2‑x long equity fund MSTP has fallen 81% from its June 2025 launch, also reaching a new low. MicroStrategy’s own shares (MSTR) have declined 46% year‑to‑date, falling to a February 2024 low. In the past week, the values of MSTX, MSTU and MSTP nearly halved, while MSTR shares fell about 27%. Newly launched 2024 leveraged funds that have attracted billions of dollars have lost more than 90% of their value since inception.
The use of financial leverage is amplifying losses across the cryptocurrency market.