Seven days after hitting the market, the T-REX 2X Long MSTR Daily Target ETF (MSTU) has become one of the most successful new exchange-traded funds (ETFs) on the market after attracting over $72 million.

The fund, issued by REX Shares and Tuttle Capital Management, promises two times the daily performance to the stock of MicroStrategy (MSTR), the software mogul turned bitcoin strategy company, the most leverage any fund tied to MSTR gives.

A similar fund, the Defiance Daily Target 1.75X Long MicroStrategy ETF (MSTX), promises traders returns of 175% of the daily percentage change in the share price of MSTR. MSTX went live on Aug. 15 and has so far taken in roughly $857 million, according to data from Bloomberg Intelligence senior ETF analyst Eric Balchunas, putting it in the top 8% of launches this year.

“Both have robust liquidity,” Balchunas said in a post on X. “I didn't think there was room for both (esp so quickly), it just [shows] how much 'need for speed' there is out there.”

MicroStrategy has been an attractive investment for traders looking to gain exposure to bitcoin (BTC) without directly investing in the digital asset, as shares of the company are highly correlated with the token due to MicroStrategy's holding 252,220 BTC.

MicroStrategy outperforms bitcoin and tech in current market rally

Bitcoin's price has just exceeded $66,000 for the first time since July 31. At that time, MicroStrategy was priced at $168; it is now trading at almost $178, $10 a share higher. As MicroStrategy is trading higher while bitcoin effectively has been flat since then, this shows that MicroStrategy is leading the current rally.

Another development can be seen with the divergence between MicroStrategy and NVIDIA (NVDA). Both assets were in lockstep for the past month, but since Sept. 19, MicroStrategy has gone on from strength to strength while NVIDIA has flatlined. This shows that tech is not the primary driver in this rally.

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Helene Braun

Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

James Van Straten

As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics. James specializes in daily monitoring of ETFs, spot and futures volumes, and flows to understand how Bitcoin interacts within the financial system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR), Semler Scientific (SMLR), IREN (IREN), MARA Holdings (MARA), Cipher Mining (CIFR), Bitfarms (BITF), Riot Platforms (RIOT) and CleanSpark (CLSK).