MicroStrategy‑linked ETFs like MSTU and MSTX are designed to deliver 2× the daily price movement of MSTR stock .  That means when MSTR goes up, these funds aim to go up roughly twice as fast (and when MSTR falls they drop about twice as far).  They achieve this leverage through swap agreements and options, making them trading vehicles rather than buy‑and‑hold investments.

Here’s how that leverage might play out if Bitcoin surges to $200 k per coin by Christmas, using our previous MSTR scenarios:

These ranges come from multiplying MSTR’s potential price change by two, because the funds are 2× leveraged.  For example, if MSTR climbs about 173 %, the leveraged ETFs could roughly triple (≈346 % gain).  But real‑world performance can differ because the funds reset daily—volatility drag means that big swings up and down will erode returns, and fees (1.05 % for MSTU and 1.29 % for MSTX ) take an additional bite.

It’s also important to note how volatile these funds already are.  Over the past year MSTU has traded between $2.41 and $31.50 , while MSTX has ranged from $16.01 to $220.99 .  Such wide swings reflect the leverage on top of an already high‑beta stock.  Because of this, MSTU and MSTX are typically used for short‑term trading by sophisticated investors rather than for long‑term buy‑and‑hold exposure.

Bottom line: If Bitcoin really does hit $200 k, MSTR could plausibly double or triple from current levels, and MSTU/MSTX might rise roughly twice as much.  However, the daily reset and volatility drag can make actual returns significantly lower than a simple 2× multiple, and losses can be magnified just as dramatically.  Always consider your risk tolerance, time horizon and the purpose of your investment—these leveraged ETFs are not for everyone, and this should not be taken as financial advice.