David Einhorn’s Greenlight Capital said in its quarterly letter that it established a new arbitrage position by shorting bitcoin-levered single-stock exchange traded funds, like T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance Daily Target 2x Long MSTR ETF (MSTX), partially offset by owning shares of MicroStrategy (MSTR). Greenlight says the position was a “material winner” in the fourth quarter.
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