Direxion has reapplied with the U.S. Securities and Exchange Commission (SEC) for its Bitcoin Strategy Bear ETF, a futures-based exchange-traded fund seeking to inversely track the price of bitcoin (BTC).
Direxion’s move on Thursday follows a filing on Wednesday by ProShares for a similar product.
The Direxion Bitcoin Strategy Bear ETF is intended to maintain short exposure to bitcoin futures contracts – in essence, betting the price of the cryptocurrency will fall.
In early November, Direxion – at the behest of the SEC – pulled a previous application for the Bitcoin Strategy Bear ETF. No reason was given at the time.