ETF manager REX Shares and asset manager Tuttle Capital Management have launched a leveraged ETF designed to track twice the daily performance of bitcoin treasury company Strive’s stock. The product, called the T-REX 2X Long ASST Daily Target ETF, trades under the ticker ASSX and began trading on Cboe on Sept. 18. It does not hold bitcoin and is not a bitcoin price-tracking product. Leverage is reset daily, so returns can diverge over holding periods longer than a day.

Asset manager Strive bought an additional 1,355 bitcoin for $107.7 million, lifting its holdings to 26,355 BTC. The purchase price averaged $79,475 per bitcoin. After the announcement, Strive’s Nasdaq-listed ASST shares rose more than 6 percent in premarket trading. The firm said funding mainly came from SATA, a floating-rate Series A perpetual preferred stock paying a 13 percent dividend each business day, and from warrant exercises that brought in $21.2 million.