Asset Manager Direxion Files to Launch an Inverse Bitcoin Futures ETF
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Asset manager Direxion has filed an application with the US Securities and Exchange Commission (SEC) to launch an ETF aimed at capitalizing short positions in Bitcoin futures traded on CME.

The Direxion Bitcoin Strategy Bear ETF will also be able to invest in other early crypto exchange-traded funds, money market funds, deposits or short-term debt market instruments. According to the application:

"Opening a short position in bitcoin futures is possible at any phase of the market, during periods of decline, growth and stability."

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If the SEC does not respond within the next 75 days, the application will automatically become effective.

Direxion received a denial in 2018 from the regulator to launch five Bitcoin ETFs. The instruments involved investing in the crypto with leverage and betting short with and without leverage.

Notably, investments in Bitcoin ETFs launched in the US by ProShares and Valkyrie Investments reached $1.24B by the end of their first week of trading.

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