in

Direxion Withdraws Application for Short Bitcoin Futures ETF

Square to Consider Building a Bitcoin Mining System


Visit the original article*

https://www.coindesk.com/resizer/T3etpaVlKaKGwt4Pg9oK9UjdLUA=/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SVAX3IL4XZAJRMGZDU6FZ6E3LA.jpg

Exchange-traded fund (ETF) issuer Direxion has withdrawn its application to the U.S. Securities and Exchange Commission (SEC) to list a short bitcoin futures fund.

  • On Tuesday, Direxion requested the SEC to withdraw the ETF application it made on Oct. 26.
  • SEC staff had asked for the filing be withdrawn on the day it was filed.
  • The Direxion Bitcoin Strategy Bear ETF would have maintained short exposure to bitcoin futures contracts – in essence, betting that the price of the cryptocurrency would fall.
  • Shorting is a way of betting that a price will decline. An investor borrows a security and sells it in the hope the price will have dropped by the time it has to repurchase the security and return it to the lender. The borrower can then pocket the difference.

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



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Shiba-Inu Outperforms Large-Cap Cryptos! Where SHIB Price is Heading Next?

Shiba-Inu Outperforms Large-Cap Cryptos! Where SHIB Price is Heading Next?

Deposit and Earn Up to $3000 Bonus

Crypto jobs markets gets boost as Wall Street bumper pay to attract talent