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This historic performance strongly suggests that futures market makers can cost-effectively hedge their positions with Bitcoin. Architecturally, BITX is structured as a 2X leveraged, daily resetting, exchange-traded fund. Volatility Shares, the issuer of BITX, seeks to have the ETF deliver twice the daily percentage moves of a mix of short-term CME Bitcoin futures. Bitcoin and bitcoin futures are relatively new investments. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility.

  1. The Fund is classified as “non-diversified” under the 1940 Act.
  2. Shares are not FDIC insured, may lose value, and have no bank guarantee.
  3. Accompanying the Anka Virtualization package which runs on macOS hardware, we provide the Build Cloud Controller & Registry.
  4. S&P Global has computed values for BITX’s tracking index, SPBTFDUE, starting from late 2017, when CME Bitcoin futures started trading.
  5. Bitcoin and bitcoin futures are relatively new investments.

However, even if that strategy is successful, any windfall gains will likely fade quickly away if BITX is held for a long time. It’s not surprising that Volatility Shares chose to use Bitcoin futures rather than Bitcoin as the underlying security for BITX. To date, the US Securities Exchange Commission (SEC) has rejected all the applications of proposed USA-based Exchange Traded Funds that directly hold Bitcoin. I will get into some details later in this post, but unlike some other futures types, the historical daily percentage moves of Bitcoin futures have closely tracked Bitcoin’s moves and this close correspondence is likely to continue. The 2x Bitcoin Strategy ETF (BITX) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures Daily Roll index. The fund aims to provide 2x the daily price movements of an index based on rolling front-month CME bitcoin futures.

The Fund seeks to benefit from increases in the price of Bitcoin Futures Contracts for a single day. When first introduced in late 2017, there was speculation that Bitcoin futures would not closely track Bitcoin’s daily (spot) price, but Bitcoin futures have proved to be a good proxy for Bitcoin. This performance is not surprising given how futures really work. The popular notion of futures is that they are vehicles for wild speculation, subject to huge unpredictable swings. While some futures do have those characteristics, in the five years that bitcoin futures have been trading, they’ve been quite predictable, mostly driven by mundane things like interest rates.

Veertu’s Anka and Build Cloud is a suite of software tools built for small or enterprise level macOS virtualization needs. It enables the creation, storage, and management of macOS virtual machines (VMs), offering a user experience similar to what Docker and Docker Hub provide for container management, but with an added orchestrator component. Anka is specifically designed for DevOps, CI/CD, and Automation teams that need to build and test macOS or iOS applications. Volatility Shares has launched the 2x Bitcoin Strategy ETF (BITX) on the CBOE BZX Exchange. BITX is the first U.S.-based ETF to offer leveraged long exposure to the cryptocurrency futures market. The Fund’s use of Collateral Investments may include obligations issued or guaranteed by the U.S.

It features intelligent queueing and load balancing for handling numerous concurrent CI/CD job macOS VM requests. Additionally, it integrates with widely-used automation platforms and tools such as Jenkins, Github Actions, Buildkite, TeamCity, GitLab, and provides an API for custom integrations. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds.

Using Anka

This index documents a process for rolling Bitcoin futures from sooner-to-expire futures to longer-to-expire futures. While this index provides guidance to Volatility Shares for managing BITX’s assets, Volatility Shares does not guarantee that BITX’s mix of futures or performance will exactly track the index. The fund’s official Net Asset Value (NAV) will ultimately be decided by the value of the assets it holds, not by SPBTFDUE’s value. The market for the bitcoin futures contracts is still developing and may be subject to periods of illiquidity. The Fund seeks daily investment results, before fees and expenses, that correspond to twice the daily performance of the Index. It will invest in Bitcoin Futures Contracts through its Subsidiary and Collateral Investments.

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Please do your own homework and accept full responsibility for any investment decisions you make. Many of the products/companies that I mention in my posts advertise on this site and I receive revenue from those advertisements. The Fund is classified as “non-diversified” under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended.

Start a VM instance using the Controller UI

The Fund presents different risks from other funds, may only be suitable for knowledgeable investors who understand the consequences of seeking daily (2x) investment results, including the impact of compounding on Fund performance. Investors in the Fund should actively manage and monitor their investments, as frequently bitx anka as daily. An investor in the Fund could potentially lose the full value of their investment within a single day. Instead, the Fund seeks to benefit from increases in the price of Bitcoin Futures Contracts for a single day. Specifically, BITX seeks to deliver 2X the daily percentage moves of  S&P Global’s SPBTFDUE index.

BITX was launched on Jun 27, 2023 and is issued by Volatility Shares. The value of an investment in the Fund could decline significantly and without warning,  including to zero. You should be prepared to lose your entire investment within a single day. The Shares will change in value, and you could lose money by investing in the Fund. S&P Global has computed values for BITX’s tracking index, SPBTFDUE, starting from late 2017, when CME Bitcoin futures started trading.


Shares are not FDIC insured, may lose value, and have no bank guarantee. The Fund is actively managed and its performance reflects investment decisions that the Sub-Adviser and Adviser make for the Fund. Accompanying the Anka Virtualization package which runs on macOS hardware, we provide the Build Cloud Controller & Registry. Below are two of the most popular examples of how our customers set up Anka Virtualization with the Build Cloud. Anka is a robust and adaptable macOS virtualization platform that can enhance your DevOps and iOS CI/CD/Automation. It is straightforward to use and customize, and offers a broad array of features and capabilities.


Monday’s daily volatility is 11.6%, a bit higher than the 9% daily average, but well below the predicted 14.7%. Perhaps this shortfall is due to lower volatility during the weekends. The chart below shows the results of the BITX simulation. The price per share is scaled such that the 26-Jun-2023 price aligns with BITX’s $15 inception price. Alongside of the Anka Virtualization CLI is the Anka Build Cloud which serves as a unified management interface for Anka Build Nodes, VM Templates/Tags, VM instances, and logs.


A simulation of BITX back to 2014 provides some data on how this Exchange Traded Fund (ETF) might perform in the future. Bitcoin is a new technological innovation with a limited history. There is no assurance that usage of bitcoin will continue to grow. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the Fund.

Simulating BITX’s performance from that point forward is straightforward. The Fund has a single day investment objective, and the Fund’s performance for any other period is the result of its return for each day compounded over the period. Even if Bitcoin goes on to set new all-time highs, investors that buy BITX and never sell will very likely end up disappointed.