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Defiance Proposes 3X Leveraged Exposure on Bitcoin, Ethereum Funds and Crypto Stocks

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In brief

  • The Defiance prospectus covers proposals for 49 ETFs offering three times leveraged long and short exposure.
  • The offerings include products focused on Coinbase, BitMine Immersion, Strategy, and ETFs tracking the prices of Bitcoin, Ethereum, and Solana.
  • Defiance already offers a number of two times leveraged funds for Strategy and Robinhood, among other firms.

An asset manager known for exchange-traded funds geared toward risk-embracing investors wants to ratchet up the possibilities for these thrill-seekers, filing an application for 49 funds offering three times long and short leveraged exposure to tech and crypto-focused firms, gold, and ETFs that individually track the price of Bitcoin, Ethereum and Solana, among other assets. 

The Defiance Investments’ N-1A prospectus filed Friday with the U.S. Securities and Exchange Commission includes proposals for the 3X leveraged and inverse leveraged ETFs for crypto exchange giant Coinbase, Bitcoin treasury MicroStrategy, brokerage Robinhood, Ethereum treasury BitMine Immersion, and USDC stablecoin issuer Circle. It also aims to provide similar exposure to Grayscale’s Bitcoin and Ethereum mini-trust ETFs, and Volatility Shares’ Solana ETF.

Defiance and other firms already offer a number two times leveraged ETFs that are geared toward short-term investors, asking them to speculate on the one-day direction of certain stocks, many of them in the technology sector.



The company’s current offerings include the Daily Target 2X Long MSTR ETF (MSTX) and Daily Target 2X Long HOOD (HOOX), which seek results that are two times the daily share price change of Strategy and Robinhood. 

Three times leveraged funds are far rarer, with many observers of the space doubting that issuers would try to introduce more of these products, which can become a bad bet if the underlying asset veers in an unexpected direction. The prospectus itself warns repeatedly that the various funds proposed may not be right for all investors. 

“Things are getting wild,” Bloomberg ETF Analyst James Seyffart quipped in a Friday X post on the Defiance offerings. 

Still, the proposal with its crypto-focused products dovetails with issuers’ growing efforts to address investor demand for funds based on digital assets. On Friday, LeverageShares and Themes Trust included 3X long and short funds focused on COIN and HOOD among 14 ETFs in its proposal to the SEC.  

As of late August, the regulator was weighing more than 90 ETFs tracking individual tokens, combinations of coins, and different strategies. Those applications, which once seemed unlikely, followed the raging success of spot Bitcoin and Ethereum ETFs, with the BTC funds alone now commanding about $150 billion in assets, according to data from analytics platform CoinGlass. 

In a text to Decrypt, ETF.com Senior ETF Analyst Sumit Roy noted market concern about 3X funds and their potential limited audience.

“The conventional wisdom was that the SEC was only going to allow 2X leverage going forward, but these filings suggest that it may be willing to allow more volatile products to hit the market,” Roy wrote. “If they launch, these would be extremely risky funds designed for the most aggressive short-term traders.”

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Crypto Trader Who Bet $1B on Bitcoin Returns With 3x Leveraged Long on ASTER

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James Wynn, the pseudonymous trader behind a billion-dollar BTC$109,668.71 bet earlier this year, is back. This time, Wynn is making a leveraged play on ASTER just days after being liquidated on the same token.

Wynn has opened a new 3x leveraged long on ASTER, the native token of the emerging Aster perpetuals exchange, worth over $16,000, entering at $1.97 with a liquidation level around $1.57.The move was first spotted by Onchain Lens.

While the dollar amount seems small compared to Wynn’s previous positions, the trade is likely to be a hedge on a different position on Aster itself. “I’m farming the $ASTER airdrop,” the trader wrote on X. “I believe it will be one of the biggest [in] crypto history.”

The move is Wynn’s latest high-risk bet on Hyperliquid, an onchain derivatives platform where he previously took out a $1.2 billion long on bitcoin using 40x leverage.

That position closed with a $17.5 million loss, before he flipped into a billion-dollar short. At one point, he had his entire $50 million wallet on the line.

That wild streak ended with Wynn saying he was walking away “a wynner” after netting $25 million in profit.

Read more: How James Wynn’s $100M Implosion Is Familiar Leverage Tale



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Investors including Saudi 's PIF are reportedly in "advanced talks" for a $50bn leveraged buyout of EA
Game Reviews

Investors including Saudi ‘s PIF are reportedly in “advanced talks” for a $50bn leveraged buyout of EA

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A group of financial investors are in “advanced talks” with EA to go private with a valuation worth around $50 billion (£37.5 billion).

According to the Wall Street Journal (£), the investors – thought to include equity firm Silver Lake, Affinity Partners, and Saudi Arabia’s controversial Public Investment Fund (PIF) – could announce a deal as soon as next week. If true, this would make it the biggest leveraged buyout ever.

News of the potential deal sent EA’s share prices rocketing, closing 15 percent higher on Friday.

Saudi Arabia’s PIF increased its stake in FIFA publisher EA back in 2023. The PIF initiative was designed to diversify the country’s revenues via investment in foreign companies, with a large arm focused on the video games industry. It’s chaired by Prince Mohammed bin Salman, the controversial ruler blamed by the CIA for the assassination of Washington Post journalist Jamal Khashoggi, who has upheld the country’s notoriously poor human rights record.

Despite this, the PIF holds a notable stake in a swathe of gaming companies, including Grand Theft Auto publisher Take-Two Interactive, Nintendo, Embracer, Nexon, Capcom, and Ubisoft, after boss Yves Guillemot secured PIF funding, leading to new DLC for 2023’s Assassin’s Creed Mirage set in 9th century AlUla, an ancient Arabian city.

Affinity Partners was founded by President Trump’s son-in-law, Jared Kushner.

EA has declined to comment.



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Esports

EA nears potential $50B deal to go private in record leveraged buyout

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Electronic Arts, the company behind FIFA, Madden, and The Sims, is close to being taken private in a deal worth up to $50 billion, according to The Wall Street Journal.

The buyout would involve Silver Lake, Saudi Arabia’s Public Investment Fund, and Jared Kushner’s firm Affinity Partners. A deal could be announced as soon as next week. EA’s stock jumped 14% Friday following the report.

If finalized, it would mark the largest leveraged buyout ever, surpassing the $32 billion purchase of Texas utility TXU in 2007.

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EA is reportedly close to a $50 billion deal to go private

The group of investors include Silver Lake and Saudi Arabia’s Public Investment Fund

(via: Wall Street Journal) pic.twitter.com/LrBq0oNpaS

— Dexerto (@Dexerto) September 26, 2025

EA nears sale for $50 billion

EA has been a major force in gaming since the 1980s, with global hits like EA Sports FC, Madden NFL, and The Sims. Its sports franchises continue to drive sales, while fans are waiting for the release of Battlefield 6.

Not only are fans waiting for the popular FPS to release after a successful test weekend, but this news comes just as EA Sports FC 26 launches for PlayStation, Xbox, PC, and more.

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Kraken Acquires Breakout to Enable Leveraged Bitcoin Trading With Funded Accounts

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In brief

  • Kraken has bought proprietary trading platform Breakout.
  • It’s the latest acquisition by the crypto exchange.
  • San Francisco-based Kraken has said it is planning to go public.

U.S. crypto exchange Kraken has acquired proprietary trading platform Breakout, the company announced Thursday, as it continues its efforts to expand services ahead of a planned public offering. 

San Francisco, California-based Kraken said it bought Breakout for advanced traders. The platform allows eligible users to access up to $200,000 in notional capital and retain up to 90% of profits. Top traders are rewarded for making large trades. 

Kraken would not tell Decrypt the price of the transaction. 

“Breakout gives us a way to allocate capital based on proof of skill rather than access to capital itself,” Kraken co-CEO Arjun Sethi said in a statement. “In a world that is rapidly shifting from who you know to what you know, we want to build systems that reward demonstrated performance, not pedigree.”

Breakout offers traders 5 times leverage on BTC and ETH contracts. But traders have to pass an evaluation before receiving a notional capital allocation—and are subject to retests if they breach drawdown thresholds.

In a press release, Kraken said that it was “empowering” successful “traders to allocate at size into crypto markets,” and reaffirmed its aim to provide “innovative, performance-based products.” The company expects to integrate Breakout into its Kraken Pro platform. 

The debut comes as Kraken offers new products, including stocks and exchange-traded fund trading in certain U.S. states. In March, Kraken also announced it was buying futures trading platform NinjaTrader for $1.5 billion. 

The company intends to go public, a Kraken spokesperson confirmed to Decrypt earlier this year, possibly as early as early 2026, according to a Bloomberg report. The company would then become the second U.S.-based crypto exchange to trade publicly, following Coinbase, which listed on Nasdaq in April 2021. 



Kraken’s plans come amid a friendlier political and regulatory environment for digital assets ushered in by the administration of Donald Trump, who received massive donations from industry stalwarts during his 2024 run for president. 

In late March, the U.S. Securities and Exchange Commission dismissed enforcement actions against Kraken and two other crypto firms filing joint stipulations to drop the cases with prejudice, making the decisions final and not subject to refile. The regulator has also ended cases against Coinbase, Robinhood, Uniswap Labs, and OpenSea, among others. 

Sethi noted that the acquisition would enable Kraken to provide a service consistent with how “modern capital platforms should work.”

“By integrating Breakout into Kraken, we are building an infrastructure layer where traders can earn their way into size, deploy capital with minimal friction, and get paid on merit,” he said.

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