There’s a new way to speculate on the price of Bitcoin through the traditional public markets. And it’s quickly becoming wildly popular.

‍What’s happening:‍

• The recently launched Defiance Daily Long MicroStrategy leveraged ETF (NASDAQ: MSTX) has seen a rapid injection of capital since originally listing
  

How it works:‍

• The Defiance Daily Long MicroStrategy ETF generates leveraged exposure to the performance of MicroStrategy stock by allocating capital into call options, swaps and other derivatives to amplify the overall returns of their ETF
  

Why it matters:‍

• MicroStrategy (NASDAQ: MSTR) is the largest holder of Bitcoin amongst all publicly traded companies in the world and has become one of the most popular ways to get exposure to Bitcoin prices in the traditional public markets
  
• Launching ETFs with new ways to get exposure to Bitcoin and digital assets has been accelerating rapidly, with both the rise of spot Bitcoin ETFs as well as new partnerships forming including the notable deal between Galaxy Digital (TSX: GLXY) and State Street (NYSE: STT) to bring new crypto focused ETFs to major stock exchanges in the United States
  

By the numbers:‍

• The Defiance Daily Long MicroStrategy ETF has quickly grown to $300M USD in assets under management since originally listing less than 6 weeks ago
  
• The Defiance Daily Long MicroStrategy ETF looks to provide 2x leverage on exposure to MicroStrategy stock
  

Going deeper:‍

• MicroStrategy continues to buy Bitcoin at a feverish pace, which has led central banks to even begin to take equity positions in MicroStrategy as a way to get further exposure to the future price of Bitcoin

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