Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases.

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Persons: Chang Kim, bitcoin, Kim Organizations: Securities, Exchange Commission, BlackRock