Golden Finance reported that GraniteShares, an asset management company with more than $10 billion in AUM, submitted a new leveraged ETF application to track the stock prices of crypto-related companies such as Riot Platforms, Marathon Digital, MicroStrategy and Robinhood. These funds will be both long and short, and a 2x long ETF will generate twice the daily return of the corresponding stock. For example, when Riot Platform shares rise 1%, the GraniteShares 2x Long RIOT ETF will rise 2%. These leveraged ETFs have become extremely popular this year as cryptocurrency and stock markets have risen to all-time highs. Among them, the T-Rex 2x Long MSTR Daily Target fund (ticker MSTU) attracted more than $1.8 billion in assets under management. Likewise, the Defiance Daily Target 2X Long MSTR ETF (ticker MSTX) has amassed $1.8 billion in assets. These funds have outperformed MicroStrategy over the past three months, during which time MicroStrategy shares rose 150%, while MSTU and MSTX gained 308% and 253%, respectively. The risk, however, is that they often perform worse than the underlying stocks in a bear market. MicroStrategy stock is down 24% in the past 30 days, while MSTU and MSTX have fallen more than 50% in the same period.