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Direxion Refiles With SEC for Short Bitcoin Futures ETF
The exchange-traded fund issuer had withdrawn its application late last year.
Direxion has reapplied with the U.S. Securities and Exchange Commission (SEC) for its Bitcoin Strategy Bear ETF, a futures-based exchange-traded fund seeking to inversely track the price of bitcoin (BTC).
- Direxion's move on Thursday follows a filing on Wednesday by ProShares for a similar product.
- The Direxion Bitcoin Strategy Bear ETF is intended to maintain short exposure to bitcoin futures contracts – in essence, betting the price of the cryptocurrency will fall.
- In early November, Direxion – at the behest of the SEC – pulled a previous application for the Bitcoin Strategy Bear ETF. No reason was given at the time.
Read more: ProShares Aims to Let Investors Bet Against Bitcoin With New ETF
STORY CONTINUES BELOW
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UPDATE (April 7 20:50 UTC): Adds information on what the ETF would do in the second bullet point.
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
