The Defiance Daily Target 2X Long MSTR ETF (MSTX), an exchange-traded fund designed to deliver double the daily returns of MicroStrategy (MSTR) stock, soared by a remarkable 12.75% in pre-market trading on Wednesday. The ETF's surge reflects the growing investor enthusiasm for MicroStrategy, a data analytics company that has become the largest corporate holder of Bitcoin.

MicroStrategy's stock has gained over 500% this year, outpacing even Bitcoin's impressive 123% rise, as investors embrace the company's aggressive bet on the cryptocurrency. Much of this enthusiasm is attributed to the perceived influence of MicroStrategy's executive chairman, Michael Saylor, who is widely regarded as a Bitcoin guru among crypto enthusiasts. As of November 25, MicroStrategy held 386,700 Bitcoin, valued at around $37 billion, reflecting its deep commitment to the digital asset.

The MSTX ETF, along with its rival the T-Rex 2X Long MSTR Daily Target ETF, offers leveraged exposure to MicroStrategy's performance. While designed to provide double the daily returns of the underlying stock, these leveraged ETFs can exhibit volatile and path-dependent returns over longer periods. Nevertheless, the allure of MicroStrategy's Bitcoin holdings and the influence of Michael Saylor have fueled investor demand for these high-risk, high-reward products.