More Issuers Jockey to Join Bitcoin ETF Party

More issuers of ETFs are filing plans for bitcoin funds. In a recent filing with the Securities and Exchange Commission (SEC), Direxion revealed plans for an actively managed fund based on the well-known cryptocurrency.

Just over a week ago, bitcoin futures debuted on the Cboe, prompting a wave of filings from ETF issuers. To date, bitcoin ETFs have not been approved by U.S. regulators. Several ETF issuers filed plans earlier this year for such products, but the plans were scrapped because, at the time of those filings, there was not a bitcoin futures market.

The Direxion Bitcoin ETF will look to “to provide total return that exceeds that of bitcoin futures contracts over a complete market cycle. The Fund will generally seek to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts traded on the CME and/or CBOE futures exchanges and swaps on bitcoin futures contracts that trade on the CME and/or CBOE future exchanges (the “Bitcoin Futures Contracts”),” according to an SEC filing.

Direxion is one of the largest issuers of inverse and leveraged ETFs.

Related: What is Bitcoin’s Growth Potential? Q&A With VanEck’s Gabor Gurbacs