The race for an ETF betting against Bitcoin futures intensified as Direxion amended an existing application to top rival issuers, according to a report by Bloomberg on Friday.
The Direxion Bitcoin Strategy Bear ETF would provide managed short exposure to CME BTC futures contracts.
The fund is the same as others provided by AXS and ProShares, awaiting the SEC’s approval, but Direxion’s is set to go effective two weeks earlier.
Direxion re-purposed a December 2020 filing for a short technology stock ETF into the BTC fund in an SEC ‘B’ filing. B filings usually become effective in 60 days, while AXS and ProShares’ “A” filings take 75 days.
Henry Jim, an ETF analyst at Bloomberg Intelligence, stated that it is a tactical strategy ETF issuers occasionally adopt in strategically important products.
If the SEC approves the funds to trade, Direxion’s will become effective on June 6, while Proshares and AXS, on June 2020. BTC USD up +0.75%.