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The exchange-traded fund issuer had withdrawn its application late last year.

By Michael Bellusci
AccessTimeIconApr 7, 2022 at 8:40 p.m. UTC
Updated May 11, 2023 at 7:19 p.m. UTC
(bankrx/Getty Images/iStockphoto)
(bankrx/Getty Images/iStockphoto)
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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.
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    • Read more: ProShares Aims to Let Investors Bet Against Bitcoin With New ETF

    UPDATE (April 7 20:50 UTC): Adds information on what the ETF would do in the second bullet point.

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    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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

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

    Follow @mikeybellusci on Twitter

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