Leveraged microstrategy ETFs are a ‘ghost pepper’ bet on bitcoin—and they’re growing.

US investors seem to have recovered their appetite for risk, as a new wave of exchange-traded funds (ETFs) is giving microstrategy stocks a comfortable place.

MSTX, which kick off As of August, it now has $357.6 million in assets under management. The fund aims to provide investors with daily leveraged investment results of 1.75 times (or 175%) the daily percentage change of MicroStrategy shares.

Meanwhile, MSTU—an even riskier ETF launched last week—offers 2x (or 200%) the results of leveraged investments. The product was a huge hit and now has over $80 million in assets.

The two ETFs are “long leverage” funds, meaning they hold debt to increase their position. The returns to investors may be greater than the asset being tracked – but that means losses can be painful.

Bloomberg ETF analyst Eric Balchunas tweeted (pronounced X) on Friday that he didn't think investors would want such risky investments — at least not at this rate. “I didn't think there would be room for both[especially quickly],” he said. He wroteHe described their popularity as “wild.”

Balchunas Such products have already been described As the “hot soup ghost pepper of ETFs” because of the expected high level of volatility.

MicroStrategy is a public company that focuses on data analytics software. But in 2020, he put bitcoin on the balance sheet as part of a strategy to provide returns to his investors.

The stock has since shot through the roof — making it one of the most publicly traded U.S. companies — and the company hasn't stopped buying the cryptocurrency. The company now holds 252,220 bitcoins worth $16.6 billion, with several purchases announced in recent weeks.

Now, MicroStrategy has rebranded itself as a “Bitcoin development company” that maintains a state of secrecy: Investors buy the company's stock to gain exposure to the largest and oldest digital asset. The company has also explored other ventures in the Bitcoin space Lightning networkAnd Saving digital identities On the largest crypto network.

The two new ETFs based around MicroStrategy Stocks are risky, but potentially huge returns for investors looking for optimal exposure to Bitcoin. In fact, when MSTX launched, the company behind the ETF, Defiance ETF, warned investors that the fund was “not intended for, and is not appropriate for, investors who do not want to actively monitor and manage their portfolios.”

Edited by Andrew Hayward.