Exchange-traded fund (ETF) issuer Direxion has withdrawn its application to the U.S. Securities and Exchange Commission (SEC) to list a fund that would have maintained short exposure to bitcoin futures contracts issued by the Chicago Mercantile Exchange.
On Tuesday, Direxion requested that the SEC to withdraw the ETF application it made on Oct. 26.SEC staff had asked for the filing be withdrawn on the day it was filed.The Direxion Bitcoin Strategy Bear ETF would have maintained short exposure to bitcoin futures contracts – in essence, betting that the price of the cryptocurrency would fall.Shorting is a way of betting that a price will decline. An investor borrows a security and sells it in the hope the price will have dropped by the time the investor has to repurchase the security and return it to the lender. The borrower can then pocket the difference.
Read more: SEC Rejects VanEck’s Spot Bitcoin ETF Proposal
Read MoreCoinDesk
Exchange-traded fund (ETF) issuer Direxion has withdrawn its application to the U.S. Securities and Exchange Commission (SEC) to list a fund that would have maintained short exposure to bitcoin futures contracts issued by the Chicago Mercantile Exchange.
On Tuesday, Direxion requested that the SEC to withdraw the ETF application it made on Oct. 26.SEC staff had asked for the filing be withdrawn on the day it was filed.The Direxion Bitcoin Strategy Bear ETF would have maintained short exposure to bitcoin futures contracts – in essence, betting that the price of the cryptocurrency would fall.Shorting is a way of betting that a price will decline. An investor borrows a security and sells it in the hope the price will have dropped by the time the investor has to repurchase the security and return it to the lender. The borrower can then pocket the difference.
Bitcoin Magazine David Bailey Confirmed As A Bitcoin 2026 Speaker David Bailey has been officially…
Bitcoin Magazine Paraguay Adopts Stricter Crypto Oversight, Mandates Detailed Transaction on Bitcoin Reporting Paraguay’s National…
Bitcoin Magazine Policy Group Calls for Bitcoin Inclusion in Proposed Crypto Tax Exemption The Bitcoin…
Bitcoin Magazine Corporate Bitcoin Holdings Hit Record High as Institutions Accumulate 2.8x Mining Supply: Report…
Research shows that only 8% to 10% of global Bitcoin hashrate runs in oil-sensitive power…
Today’s quantum computers are far from breaking Bitcoin’s cryptography and any real threat would likely…