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Race for Shorting Bitcoin ETF Heats Up as Direxion Leapfrogs Rivals

  • Issuer re-purposes old tech stock ETF filing into Bitcoin fund
  • Move puts Direxion in first place to intro U.S. short BTC ETF

A sudden race to create an exchange-traded fund betting against Bitcoin futures took an unexpected turn as Direxion amended an existing application to jump ahead of rival issuers.

The Direxion Bitcoin Strategy Bear ETF would offer managed short exposure to CME Bitcoin futures contracts, according to a Thursday filing with the U.S. Securities and Exchange Commission. The fund is similar to others from ProShares and AXS that are awaiting the SEC’s green light, except Direxion’s is set to go effective two weeks earlier.