Direxion Files for Bitcoin and Ether Futures ETF

Direxion, an ETF issuer, has filed for a Bitcoin and Ether futures product, adding to the growing number of companies looking to launch crypto-related trading products in the U.S. The Direxion Bitcoin Ether Strategy ETF plans to invest in bitcoin and ether futures contracts, pending regulatory approval. The ETF may also invest in other ETFs with exposure to futures products. This filing comes as six other companies have also filed to launch ether futures ETFs. The SEC is currently reviewing multiple applications for spot bitcoin ETFs, but has historically rejected them. However, recent applicants believe they have met the regulator’s requirements. Bloomberg Intelligence analysts have given a favorable rating to the chances of the SEC allowing a bitcoin ETF. The ether futures ETF applicants aim to begin trading later this year, unless asked to withdraw their filings by the SEC.

Key Points:

– Direxion has filed for a Bitcoin and Ether futures product, joining other companies in the race to launch crypto-related trading products in the U.S.
– The Direxion Bitcoin Ether Strategy ETF plans to invest in bitcoin and ether futures contracts, pending regulatory approval.
– The SEC is currently reviewing multiple applications for spot bitcoin ETFs, but has historically rejected them.
– Bloomberg Intelligence analysts have given a favorable rating to the chances of the SEC allowing a bitcoin ETF.
– The ether futures ETF applicants hope to begin trading later this year, unless asked to withdraw their filings by the SEC.

Hot Take:

The filing by Direxion for a Bitcoin and Ether futures ETF highlights the increasing interest in crypto-related trading products. With multiple companies vying for approval from the SEC, the launch of these ETFs could provide new avenues for investors to gain exposure to cryptocurrencies. While the SEC has been cautious in the past, the favorable rating given by Bloomberg Intelligence analysts suggests that the regulatory landscape may be shifting. If approved, these ETFs could bring more liquidity and legitimacy to the crypto market. It will be interesting to see how the SEC responds to these applications and whether they will open the doors for broader adoption of cryptocurrency investments.