ETF Issuer Direxion Files for Short Bitcoin Futures Product

Posted on by American Coins & Gold

ETF Issuer Direxion Files for Short Bitcoin Futures Product
Exchange-traded fund (ETF) issuer Direxion wants to short the price of a bitcoin futures contract.According to a filing with the Securities and Exchange Commission (SEC) on Tuesday, the Direxion Bitcoin Strategy Bear ETF will maintain short exposure to bitcoin futures contracts issued by the CME exchange. The product will not directly invest in bitcoin.In addition, the ETF might invest in other bitcoin futures ETFs or money market funds, deposit accounts or short-term debt instruments.“The Fund will generally maintain its short exposure to Bitcoin Futures during periods in which the value of bitcoin is flat or declining as well as during…