Direxion Refiles With SEC for Short Bitcoin Futures ETF

The exchange-traded fund issuer had withdrawn its application late last year.

AccessTimeIconApr 7, 2022 at 8:40 p.m. UTC
Updated May 11, 2023 at 7:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.