The U.S. Securities and Exchange Commission (SEC) has reportedly approved Volatility Shares 2x Bitcoin Strategy ETF (BITX) on Friday. Notably, this is the first leveraged Bitcoin futures exchange-traded fund (ETF) approved by the SEC. BITX is scheduled to launch on the Chicago Board Options BZX Exchange next Tuesday, June 27.

Nate Geraci, the co-founder of the ETF Institute, tweeted,

“When we look back on the Bitcoin ETF saga in 5 or 10yrs, this will be one of the most ridiculous aspects... A 2x leveraged futures product launching before a straightforward spot ETF.

Wild.”