Bet against Bitcoin with Direxion’s Bitcoin Strategy Bear ETF SEC filing

Direxion has just filed for the Direxion Bitcoin Strategy Bear ETF, a -1x inverse fund that will allow market participants to bet against Bitcoin (BTC-USD) inside an exchange traded fund wrapper. Per the U.S. Securities exchange filing: “The fund seeks to achieve its investment objective through managed short exposure to CME bitcoin futures contracts.” Direxion’s exchange traded fund looks to counter the newly launched ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) and Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF). According to Direxion’s prospectus, the fund will be actively managed. Additionally, the ETF has not been given a ticker symbol or expense ratio at this time. Moreover, just like BITO and BTF, this fund will not directly invest or hold bitcoin as regulators still have not warranted that to be legal at this time. This new filing will allow investors on the other side of the fence that have differing views on Bitcoin to bet against