The GraniteShares 3X Short MSTR Daily ETP (07399) saw a significant rise of nearly 14% during afternoon trading.
As of the latest update, the ETF was up 13.39%, trading at HK$53.36 with a turnover of HK$3.6628 million.
The move follows news that the major Bitcoin holder, Strategy (MSTR.US), has continued to increase its cryptocurrency holdings.
The company purchased an additional 520 Bitcoins between June 15 and June 21, with a total value of approximately $39.4 million.
Following this latest acquisition, the firm's Bitcoin reserve has grown further, and its available reserve funds have increased by about $300 million to a total of $1.4 billion.
It is noteworthy that the funds for this purchase came entirely from the sale of Class A common stock, rather than the permanent preferred stock financing instrument the company had previously promoted heavily.
The company's preferred shares, STRC, have recently faced significant selling pressure, once hitting a historical low of $82.53, which remains far below its $100 par value target.
This has led to growing market concerns about whether Strategy can sustain its circular funding model, which relies on preferred share dividends and capital financing, over the long term.
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