Weekly options trading in the volatile T-Rex 2X Long MSTR Daily Target ETF (MSTU) began Wednesday, offering investors fresh avenues to bet on or against the fund that aims to double the return of MicroStrategy’s stock.

The options arrive amid wild price fluctuations and investor interest in both the fund and its underlying asset. MSTU's assets have swelled past $2.5 billion since its September debut and is the largest among the 14 funds jointly issued by REX Shares and Tuttle Capital Management, according to an announcement .

Read More: MSTU’s Bitcoin Leverage Spikes 900% in Two Months

While MicroStrategy's stock has gained more than five-fold so far this year, it's been turbulent alongside bitcoin’s pullback from record levels primarily because of the company's fortunes being tied to its more than $​​36 billion bitcoin warchest . Microstrategy stock has slid nearly 30% from its Nov. 21 peak, and more than $19 billion has been erased in market value over the last four trading days.

Bitcoin , currently trading at $95,915, is up 2.4% over the last seven days but remains about 4% below its Nov. 22 all-time high of $99,655.50, according to CoinMarketCap data.

Options Add New Dimension

Early options activity showed investors positioning for more potential swings, with Dec. 20 put options at the $160 strike price drawing the most volume, according to data from Nasdaq . MSTU surged today, gaining more than 13%, which is not quite double Microstrategy's more than 10% gain today.

The new weekly options arrive as bitcoin traders increasingly hedge their positions in anticipation of a potential decline. Data from Reuters shows the cryptocurrency’s options market pricing in potential moves to either $81,493 or $115,579 by late December, reflecting heightened expectations of volatility.

Crypto markets have surged this year amid growing mainstream acceptance and the election of Donald Trump, who is filling his cabinet with crypto advocates and promises to position the U.S. as a leading crypto hub. Bitcoin has more than doubled over the past year, including a 39% jump over the past month alone, according to CoinMarketCap.

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