Direxion, an issuer of exchange-traded funds (ETFs), has filed for a Bitcoin and Ether futures product, joining a number of companies aiming to launch similar crypto-related trading products in the U.S. According to a filing with the U.S. Securities and Exchange Commission (SEC), the Direxion Bitcoin Ether Strategy ETF would invest in bitcoin and ether futures contracts, if approved by regulators. The ETF may also invest in other ETFs with exposure to futures products.
This filing comes the same week six other companies filed to launch ether futures ETFs, adding to the already crowded field of crypto ETF applicants. The SEC is currently reviewing more than half a dozen applications to launch a spot bitcoin ETF. The SEC has previously rejected ether futures and spot bitcoin ETFs, but the spot bitcoin ETF applicants believe they have met the regulator’s requirements, citing details such as surveillance-sharing agreements in recent applications.
Bloomberg Intelligence analysts gave the chances of the SEC allowing a bitcoin ETF a favorable rating on Wednesday. The ether future ETF applicants hope to begin trading later this year, if the SEC does not ask them to withdraw their filings.