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Direxion Pulls Out Application for Bitcoin Futures Bear ETF

judge's hammer and bitcoin gold coin. Digital currency

Direxion has filed to launch an exchange-traded fund that bets against Bitcoin but the application was requested to be pulled out, Bloomberg reported.

Direxion filed a proposal with the Securities and Exchange Commission to launch the Direxion Bitcoin Strategy Bear ETF on October 26, but the staff of the regulator pushed for it to be withdrawn on the same day.

The latest development follows a similar direction taken by Valkyrie, which withdrew its application for the Valkyrie XBTO Levered BTC Futures ETF last week. It was also filed on October 26.

SEC Chair Gary Gensler earlier said he was more open to Bitcoin futures over Bitcoin itself, but indications are that regulators are not yet ready to approve any exotic crypto ETFs so far.

Direxion has yet to comment on the latest update. BTC is down 2.18%.

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