The Defiance Daily Target 1.75x Long MSTR ETF (MSTX) closed down 10.61% to $48.85 on January 24, as MicroStrategy's stock faced significant pressure following its announcement to redeem $1.05 billion of its 0.0% Convertible Senior Notes due 2027. This strategic move, while initially boosting investor confidence, led to a sell-off as the market digested the implications of increased equity conversion and potential dilution. MicroStrategy's stock traded as low as $365.33, reflecting a 0.7% decline during mid-day trading. The company's recent quarterly results, which showed a GAAP loss of $0.13 per share and a 35.9% y/y revenue decline, further exacerbated investor concerns. Additionally, the broader market sentiment was impacted by a spike in currency market volatility and deteriorating financial performance, contributing to the downward pressure on MicroStrategy's stock.