Anti-Strategy ETF Makes A Killing Out Of MSTR’s Bitcoin Playbook Woes

• The 2x anti-Strategy ETF from GraniteShares climbed to an all-time high of $114 per share on Tuesday, while MSTR dipped to post-September 2024 lows.
• Other ETFs betting against MSTR also saw significant rallies, but MSDD had the most impressive performance this week.

Strategy’s (formerly MicroStrategy) massive Bitcoin (BTC) bet is in danger of going underwater. The premier cryptocurrency’s temporary dip heading to Monday at $74,551.33, which was below the company’s average purchase price of $76,052 per BTC, has put investors on the edge of their seats.

But, as they say, “One man’s loss is another man’s gain.”

If Superman has his Lex Luthor and Batman has his Joker, the business co-founded by Michael Saylor has “2x Short MicroStrategy Inc. Daily ETF” (MSDD) from GraniteShares. Recently, the anti-Strategy’s exchange-traded fund (ETF) has made a killing out of the unrest in the Bitcoin market. Strategy, as a leveraged BTC proxy, also significantly suffered from the turbulence.

ADVERTISEMENT## 2x Anti-MSTR ETF of GraniteShares Rises to ATH

As Strategy’s MSTR shares fell to post-September 2024 lows, the anti-MSTR GraniteShares ETF reached its best-ever single-day performance. MSDD rose to an all-time high of $114 per share on Tuesday before closing at $105.97. Meanwhile, MSTR slid to $126.74 per share before recovering to $133.26 at market close.

MSDD (Source: TradingView)MSTR (Source: Google Finance)GraniteShares actively manages the MSDD ETF on Nasdaq. As its name implies, it functions as a leveraged short to MSTR’s performance. Its issuer designed the product to deliver -200% of Strategy’s daily performance. Hence, if Strategy fell by 4.58% on the last trading day, MSDD ETF gains 9.16% in the same period, excluding fees and decay.

The MSDD ETF has been operational since June 2025. The investment instrument presents itself as a high-risk, short-term tool for bears trading against MSTR.

ADVERTISEMENTRallies extended to other anti-Strategy ETFs, such as the Defiance Daily Target 2x Short MSTR ETF (SMST), but GraniteShares had the most impressive performance as of late.

Strategy’s Bitcoin Treasury Performance

Strategy currently leads in Bitcoin holdings among other publicly traded companies. As disclosed on Monday, it now holds 713,502 BTC in its treasury, accounting for 3.57% of BTC’s 19.98 million circulating supply.

Strategy’s status as a leveraged Bitcoin proxy has heavily backfired amid falling BTC price and declining market sentiment. The latest developments have investors closely watching its every move, as its mNAV (Multiple to Net Asset Value) is dangerously close to losing its premium at 1.08 based on the company’s official metrics.

Strategy mNAV (Source: Saylor/Strategy Tracker)However, the Saylor Tracker website had already discounted it to 0.89. The figures mean that buying a share of MSTR is currently like buying Bitcoin at an 11% markdown, with the added baggage of the company’s corporate debt and software business.

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