BlockBeats reported that on September 28, according to Bloomberg Intelligence data, the leveraged MicroStrategy (MSTR) exchange-traded fund (ETF) broke the $400 million mark in net assets this week, and retail investors continued to pour into the extremely volatile Bitcoin ETF.

Asset management company Defiance ETFs launched the first leveraged MSTR ETF in August. Competitors REX Shares and Tuttle Capital Management launched more leveraged products in September, kicking off what Bloomberg ETF analyst Eric Balchunas called the "hot sauce arms race."

MicroStrategy was originally a business intelligence company, but in 2020, founder Michael Saylor began using the company's balance sheet to buy Bitcoin and turned into a de facto cryptocurrency hedge fund.