On your mark…get ready…. GO! Two firms are racing to bring bitcoins to everyone in the form of a publically-traded fund. But the reports that the risks for investors "are extraordinary."

The race to bring a bitcoin ETF to market is a faceoff between the famed Winklevoss twins and the Bitcoin Investment Trust. The SEC has been reviewing an application for a bitcoin fund from brothers Tyler and Cameron Winklevoss – to be called the Winklevoss Bitcoin Trust and carry the ticker symbol COIN for 14 months.

The...