Bitcoin ETF Surges as Leveraged MicroStrategy Fund Hits $400 Million Mark

COINOTAG has revealed that as of September 28, data from Bloomberg Intelligence indicates that the leveraged MicroStrategy (MSTR) exchange-traded fund (ETF) has surpassed $400 million in net assets. Retail investors have shown a keen interest in this highly volatile Bitcoin ETF. The pioneering leveraged MSTR ETF was introduced by asset management firm Defiance ETFs in August. Subsequently, in September, market rivals REX Shares and Tuttle Capital Management launched additional leveraged products, igniting what Bloomberg ETF analyst Eric Balchunas referred to as a “hot sauce arms race.” Initially a business intelligence firm, MicroStrategy underwent a strategic transformation in 2020 when founder Michael Saylor began using the company’s financial resources to acquire Bitcoin, effectively converting it into a cryptocurrency hedge fund.