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New Bitcoin ETFs filed: One for bears, the other with ‘leverage for ants’
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Exchange-traded fund issuer Direxion has filed for a product that would enable speculators to buy contracts that short the price of Bitcoin.
In a filing made to the U.S. Securities and Exchange Commission on Oct. 26, the company unveiled the Direxion Bitcoin Strategy Bear ETF. Like other futures products, it will not invest directly in BTC, but will instead maintain managed short exposure position contracts issued by the Chicago Mercantile Exchange (CME).
Direxion stated that the fund may invest in other BTC futures, money market funds, deposit accounts, or short-term debt instruments. However, the firm did issue a dire warning that the value of the product could go to zero.
Bloomberg senior ETF analyst Eric Balchunas described it as an
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