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 5.65% in Tuesday's intraday trading session. The ETF's surge mirrors the meteoric rise of MicroStrategy, a data analytics company and the largest corporate holder of Bitcoin.

Investors have flocked to MicroStrategy shares this year, propelling a staggering 500% gain that outpaces even Bitcoin's impressive 123% rise. Much of this enthusiasm is attributed to MicroStrategy's executive chairman, Michael Saylor, who is widely revered as a Bitcoin guru among crypto enthusiasts. As of November 25, the company 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.