This isn't a Bitcoin ETF. This isn't even a Bitcoin miners basket ETF. This is a 2x leveraged bet on one specific Bitcoin mining company – Cipher Mining – that resets daily. It's like someone looked at the crypto volatility stack and thought, “you know what this needs? More derivatives.”
For the uninitiated, Cipher Mining operates large-scale Bitcoin mining data centres powered by renewable energy contracts. They're one of North America's “fastest-growing institutional-grade miners,” which is the corporate finance equivalent of saying “we burn electricity to solve math problems, but we do it professionally.”
Now, taking a 2x leveraged position on a single Bitcoin miner means you're effectively making a multi-layered bet: (1) Bitcoin goes up, (2) Cipher's operational efficiency remains competitive, (3) energy costs don't spike, (4) regulatory winds blow favourably, and (5) you time your entry and exit correctly because this thing resets daily. Miss on any one of these and volatility decay will eat your lunch, dinner, and probably breakfast too.
The prospectus helpfully warns that “a large proportion of CIFR's common stock has been historically and may in the future be traded by short sellers,” which is corporate disclosure speak for “this stock moves around a lot and people like to bet against it.” Excellent foundation for 200% daily leverage.
What makes this particularly convoluted is that REX Shares now has over 30 leveraged single-stock ETFs in their T-REX lineup. They've created 2x vehicles for Tesla, Nvidia, MicroStrategy, and now individual Bitcoin miners. At this rate, we're six months away from a 2x leveraged ETF tracking the performance of other leveraged ETFs. Inception, but for degenerates.
The fund is “not suitable for all investors” and should only be used by “sophisticated investors who understand leverage risk.”
Translation: if you have to ask whether you should buy this, you definitely shouldn't. But if you're the kind of person who looks at Bitcoin's volatility and thinks “I wish this moved more,” well, CIFU has heard your prayers.
So here we are in late 2025, where you can gain 2x daily exposure to a company whose entire business model depends on solving increasingly difficult cryptographic puzzles while hoping electricity stays cheap and Bitcoin stays expensive. Truly, we've reached peak financial innovation. Or at least peak something.