TradFi Giant Direxion Joins the Crypto ETF Competition, Applying for a Combined Bitcoin and Ether Futures Fund
Exchange-traded fund (ETF) issuer Direxion filed for a bitcoin and ether futures product on Wednesday, joining a slew of companies hoping to launch similar crypto-related trading products in the US.
According to a filing filed with the US According to the Securities and Exchange Commission (SEC), the Direxion Bitcoin Ether Strategy ETF would invest in Bitcoin and Ether futures contracts subject to regulatory approval of the product. The product may also invest in other ETFs with exposure to futures products.
The move comes in the same week that six other companies applied to launch ether futures ETFs. They join a crowded field of crypto ETF contenders; The SEC is currently reviewing more than half a dozen applications to launch a spot Bitcoin ETF.
On Wednesday, analysts at Bloomberg Intelligence said they are bullish on the chances of the SEC approving a Bitcoin ETF.
Applicants for future Ether ETFs hope to start trading later this year unless the SEC asks them to withdraw their applications.
