Exchange-traded funds (ETF) issuer T-Rex Group has filed an ETF with a 2x long position in bitcoin (BTC)-heavy MicroStrategy (MSTR).
The T-Rex 2X Long MSTR Daily Target ETF aims to achieve 200% of MicroStrategy's daily performance, according to a filing uploaded to the SEC's EDGAR portal.
T-Rex also claimed an ETF with a 2x inverse position in MSTR. These two instruments will be leveraged long or short positions on bitcoin.
MSTR, which is heavily exposed to the world's largest digital asset and known for its volatility, is experiencing remarkable fluctuations. Although Bitcoin price remains stable, the stock's current implied volatility is 85.6, falling below its average.
MicroStrategy CEO Michael Saylor announced that the company plans to sell $500 million in convertible bonds to increase its bitcoin reserves.
With 20 times the volatility of the S&P 500 (SPX), these ETFs are "close to being the most volatile ETFs ever seen in the U.S," said Bloomberg ETF analyst Eric Balchunas.
“These ETFs will be the ghost peppers of hot sauce,” Balchunas added.
Other ETF issuers such as Defiance and GraniteShares also have short products listed on MSTR.
In March, T-Rex also registered for six leveraged inverse bitcoin ETFs with 1.5x-2x positions.
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