BlockBeats news, on September 28, according to Bloomberg Intelligence data, the net assets of the leveraged MicroStrategy (MSTR) exchange-traded fund (ETF) exceeded the $400 million mark this week, and retail investors continued to pour into this extremely volatile fund. Bitcoin ETF Trading.

Asset manager Defiance ETFs launched its first leveraged MSTR ETF in August. Competitors REX Shares and Tuttle Capital Management launched more leveraged products in September, kicking off what Bloomberg ETF analyst Eric Balchunas calls a “hot sauce arms race.”

MicroStrategy started out as a business intelligence company but transformed into a de facto cryptocurrency hedge fund in 2020 after founder Michael Saylor began using the company’s balance sheet to buy Bitcoin.

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