There’s always a bull market somewhere.

While bitcoin and shares of bitcoin holder Strategy are falling, an exchange-traded fund designed to move in the opposite direction of MSTR and double its daily change has hit a record high.

That exchange-traded fund is the GraniteShares 2x Short MSTR Daily ETF, trading under the ticker MSDD on Nasdaq. It is an actively managed fund designed to deliver -200% of the Strategy’s daily performance. In simple terms, if MSTR falls 2% in a day, the ETF targets a 4% gain that same day (before fees/decay).

The fund debuted on Jan. 10, 2025 and is seen as a high-risk short-term tactical tool for bears betting against MSTR. And it has lived up to its repute.

MSDD’s price hit a record high of $114 on Tuesday, up 13.5% on the year, extending the past year’s 275% surge, according to data source TradingView.

MSDD’s compatriot, the Defiance Daily Target 2x Short MSTR ETF (SMST), also clocked an 11-month high of $113 on Tuesday. This fund debuted on Nasdaq in August 2024.

In other words, MSTR bears out there who loaded up on these ETFs have made a killing.

Strategy fell to $126 on Tuesday, the lowest since September 2024, extending its multi-month bear market. The stock is now down a staggering 76% from its lifetime high of $543 in November last year.

Strategy is the world’s largest publicly listed bitcoin holder, stashing 713,502 BTC ($54.24 billion) at press time. Naturally, its share price tends to follow swings in bitcoin’s market value.

Bitcoin, the leading cryptocurrency by market value, has dropped 12% this year and traded as low as $73,000 on Tuesday. That was the weakest since late 2024. Since then, prices have bounced back to $76,000, thanks to narrowly approved funding package that alleviated near-term U.S. shutdown risk and stabilized risk sentiment in financial markets.