Bitcoin and stocks are on the rise since last week’s long-awaited Fed rate cuts, pointing to a returning appetite for risk assets. But some investors appear to be seeking a much spicier kind of risk, based on the early returns.
New leveraged ETFs built around the stock of MicroStrategy—Michael Saylor’s software company that has the largest Bitcoin treasury reserve stash on Earth, valued at $16.5 billion currently—are booming, collectively attracting over $400 million and landing in the top 20% of new ETFs this year in terms of assets under management.
MicroStrategy (MSTR) has long been seen as a proxy stock for Bitcoin, well before the SEC approved Bitcoin ETFs, but these leveraged MSTR ETFs are expected to be extremely volatile—Bloomberg’s ETF analyst called them the “ghost pepper of ETF hot sauce” when first revealed. Hey, some like it hot.
Leveraged MicroStrategy ETFs Are a 'Ghost Pepper' Bet on Bitcoin—And They're Booming
New ETFs giving leveraged exposure to Bitcoin treasury firm MicroStrategy are sure to be spicy, but they're already pulling in investors.
'Keep Your Head Down': SBF's Prison Advisor Offers Advice for Caroline Ellison
There are steps that former Alameda Research CEO Caroline Ellison can take to make prison a better experience, consultants told Decrypt.
Could Robinhood and Revolut Find Stablecoin Success Where PayPal Stumbled?
If Robinhood and Revolut do make a run at launching a stablecoin, as reported, can they each avoid the same fate as PayPal's PYUSD?
Coinbase-Linked Crypto Advocacy Group Endorses Senate Candidates—But Skips Controversial Races
Stand With Crypto refrained from backing either side in Michigan, Arizona, and Ohio, three battleground states where crypto has come to the fore.
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Binance founder Changpeng “CZ” Zhao returns to Twitter after getting out of prison
🌐 From Our Hubs
🎮️ GG: Telegram Tap-to-Earn Gaming Is Huge. Can It Avoid Play-to-Earn’s Fate?
Tap-to-earn games have taken over the crypto gaming landscape, but cracks are already showing. Can they find sustainable models?
🤖 EMERGE: Meta Unveils Open Source Llama 3.2: AI That Sees And Fits in Your Pocket
On Wednesday, Meta announced an upgrade to its large language model, Llama 3.2. We gave the new upgrade a workout, with mixed results.
🎭️ SCENE: CryptoPunks Keep Hold on Luxury World as Other Degen Brands Fade
Pieces from a new CryptoPunk-inspired hoodie collection by tech-focused luxury brand mmERCH, created in collaboration with Swarovski, went up for auction at Christie’s this week.
📚 Dive Deeper
🎥 WATCH: FOMO HOUR 207 – WELCOME BACK TO THE BULL!
Kamala signals support for crypto. Top memecoins all soar, add $10bn in value in a week. MOODENG hits $180m, does 11x in a week. SUI & SEI continue to lead L1s for price & TVL growth. Revolut & Robinhood are considering stablecoin.
🎓️ LEARN: What Is Bluesky? Twitter's Decentralized Social Media Rival
While Bluesky seems like Twitter on the surface, the AT protocol architecture it runs on has the potential to be revolutionary.
