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Blockstream CEO Adam Back Criticizes MicroStrategy Short ETF as ‘Terrible Product’
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On April 7, Blockstream CEO Adam Back criticized the newly launched Defiance 2X Short MSTR ETF (exchange-traded fund). The ETF was created to short MicroStrategy, one of the most recognizable holders of Bitcoin.
The Blockstream CEO shared his views on an X thread, calling the ETF a “terrible product” unlikely to yield the desired results.
He reasoned that even if investors considered MicroStrategy overvalued, the ETF would still face great risk due to auto-rebalancing in a volatile market.
have to say this is a terrible product
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