Direxion Refiles With SEC for Short Bitcoin Futures ETF
The exchange-traded fund issuer had withdrawn its application late last year.
Apr 7, 2022 at 8:40 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7Q3SQ2CUCNHXLILFG3B2U7IOQU.jpg)
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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.
UPDATE (April 7 20:50 UTC): Adds information on what the ETF would do in the second bullet point.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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