Direxion, a financial services firm with $27.5 billion in assets specialized in creating investment products for investors looking beyond conventional offerings, has filed for a Bitcoin and Ether futures exchange-traded fund (ETF).
The move comes amidst a flurry of other filings for similar products in the United States, as in the past few days, a wave of applications for Ether futures-based ETFs has hit the U.S. Securities and Exchange Commission (SEC), riding on the coattails of the recent Bitcoin spot ETF frenzy.
The first to make a move was Volatility Shares with its Ether Strategy ETF application, submitted on July 28. The firm has previously made headlines when its 2x Bitcoin Strategy ETF (BITX) became the first leverage crypto ETF available in the US.
The proposed Direxion Bitcoin Ether Strategy ETF would invest in Bitcoin and Ether futures contracts, provided the regulators approve it. The fund could also potentially invest in other ETFs that offer exposure to futures products.
The SEC, which has so far rejected all Ether futures and spot Bitcoin ETF applications, has also been receiving a number of spot Bitcoin ETF applications from a number of financial behemoths, including BlackRock and Invesco.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/03/
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