The 2x Bitcoin strategy ETF from Volatility Shares saw $5.5 million in trading on its first day. The fund is said to aim to provide twice the daily performance of the S&P CME Bitcoin Futures Daily Roll Index.
While several bitcoin futures products exist in the U.S., this is the first leveraged product to be approved by the SEC.
As previously reported, firms including WisdomTree, Invesco, and BlackRock have filed applications for bitcoin spot ETFs in the past week.
Financial services giant Fidelity is also preparing to submit an application for a spot bitcoin ETF, according to people familiar with the matter.