• Direxion initially filed to launch its Bitcoin Technique Bear ETF in October however withdrew the applying
  • AXS Investments’ Brief Bitcoin Technique fund can be the agency’s third ETF within the US

After ProShares filed earlier this week to launch an ETF that may enable traders to primarily wager in opposition to bitcoin, two different fund issuers adopted swimsuit.

AXS Investments revealed its plans to launch a Brief Bitcoin Technique ETF (SBCO) in a Wednesday regulatory disclosure. The product seeks funding outcomes akin to the inverse (-1x) of the return of the CME CF Bitcoin Reference Fee for a single day.

The actively-managed fund would make investments most of its property in brief positions on cash-settled bitcoin futures contracts traded on exchanges registered with the Commodity Futures Buying and selling Fee (CFTC).

It seeks to stay absolutely invested in contracts providing inverse publicity to the Bitcoin Reference Fee “with out regard to market circumstances, developments, course or the monetary situation of a selected issuer,” the submitting notes. The fund doesn’t take non permanent defensive positions.

Equally, Direxion filed to launch a Bitcoin Technique Bear ETF on Thursday that may supply managed brief publicity to CME bitcoin futures contracts.

The fund supervisor initially filed to launch this ETF in October however withdrew the proposal a couple of week later upon the request of the Securities and Alternate Fee. 

Along with investing in swaps or futures contracts, the Direxion ETF may additionally brief bitcoin futures ETFs. ProShares, Valkyrie Investments, VanEck and International X launched such ETFs final 12 months.

“The fund will usually keep its brief publicity to bitcoin futures in periods during which the worth of bitcoin is flat or declining in addition to in periods during which the worth of bitcoin is rising,” the disclosure states.

Not one of the three funds would make investments straight in bitcoin. The filings didn’t point out expense ratios for any of the proposed merchandise.

Whereas AXS Investments has simply two ETFs buying and selling within the US with about $65 million in property, based on ETF.com, Direxion has 82 ETFs that handle roughly $27.5 billion.

Spokespeople for Direxion and AXS Investments didn’t instantly return requests for remark.

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  • Ben Strack is a Denver-based reporter protecting macro and crypto-native funds, monetary advisors, structured merchandise, and the mixing of digital property and decentralized finance (DeFi) into conventional finance. Previous to becoming a member of Blockworks, he lined the asset administration trade for Fund Intelligence and was a reporter and editor for varied native newspapers on Lengthy Island. He graduated from the College of Maryland with a level in journalism.

    Contact Ben through e mail at [email protected]

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