Markets
Share this article

T-Rex Group Files for 2x Long, Inverse Microstrategy ETF

Bloomberg ETF analyst Eric Balchunas said this will be the 'ghost pepper' of ETF hot sauce.

By Sam Reynolds|Edited by Parikshit Mishra
Updated Aug 7, 2024, 3:26 p.m. Published Jun 28, 2024, 6:09 a.m.
MicroStrategy Executive Chairman Michael Saylor (CoinDesk)
MicroStrategy Executive Chairman Michael Saylor (CoinDesk)
  • T-Rex Group has filed for new ETFs that take a leveraged long or short position in Microstrategy (MSTR).
  • MSTR is known for its volatility given its heavy exposure to bitcoin.

T-Rex Group, the exchange-traded funds (ETFs) issuer, has filed for an ETF that will take a 2x long position in bitcoin BTC$90,042.38-heavy Microstrategy (MSTR).

According to a filing published on the Securities and Exchange Commission's EDGAR platform, the T-Rex 2X Long MSTR Daily Target ETF aims to achieve 200% of MicroStrategy's daily performance.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

T-Rex also filed for an ETF that would take a 2x inverted position in MSTR. Effectively, both of these listed products would be a leveraged long or short on bitcoin.

MSTR, with its heavy exposure to bitcoin, is known for its volatility as it tracks the world's largest digital asset. The stock's current implied volatility is high at 85.6, but trending lower than its recent average, as bitcoin's price remains stable.

Recently its CEO, Michael Saylor, announced the firm would offer $500 million in convertible notes to boost its bitcoin holdings.

Bloomberg ETF analyst Eric Balchunas wrote on X that these ETFs would be a "near-lock to be the most volatile ETFs ever seen in the U.S, with 20x the volatility of the SPX."

They will be the "ghost pepper of ETF hot sauce", he said.

ETF issuers Defiance and GraniteShares have also listed products that take a short position in MSTR.

T-Rex also filed for six leveraged inverse bitcoin ETFs in March, with positions ranging from 1.5x-2x.

MicroStrategyMSTRETF

More For You

Protocol Research: GoPlus Security

By CoinDesk Research
Nov 14, 2025
Commissioned byGoPlus
GP Basic Image

What to know:

  • As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
  • GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
  • Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report

More For You

DOT Sinks 2% After Breaking Key Support

By CD Analytics, Will Canny|Edited by Oliver Knight
23 hours ago
"Polkadot price chart showing a 2.5% drop from $2.02 to $1.97 with increased trading volume."

The Polkadot token erased earlier gains amid elevated volume, falling from a high of $2.09 to $1.97.

What to know:

  • DOT collapsed through ascending trendline support around the $2.05 level on a massive 284% volume surge.
  • The token broke decisively below the support level to trade 2% lower over the last 24 hours.

Read full story