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The exchange-traded fund issuer had withdrawn its application late last year.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