Direxion Withdraws Application for Short Bitcoin Futures ETF

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Exchange-traded fund (ETF) issuer Direxion has withdrawn its software to the U.S. Securities and Exchange Commission (SEC) to checklist a brief bitcoin futures fund.

  • On Tuesday, Direxion requested the SEC to withdraw the ETF software it made on Oct. 26.
  • SEC workers had requested for the submitting be withdrawn on the day it was filed.
  • The Direxion Bitcoin Strategy Bear ETF would have maintained brief publicity to bitcoin futures contracts – in essence, betting that the worth of the cryptocurrency would fall.
  • Shorting is a means of betting {that a} value will decline. An investor borrows a safety and sells it within the hope the worth can have dropped by the point it has to repurchase the safety and return it to the lender. The borrower can then pocket the distinction.

Read extra: SEC Delays Decision on Valkyrie Bitcoin ETF Until Next Year