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TradFi Giant Direxion Joins Crypto ETF Race

Exchange-traded fund (ETF) issuer Direxion filed for a Bitcoin and Ether futures product Wednesday, joining a whole raft of companies hoping to launch similar crypto-related trading products in the U.S. According to a filing with the U.S. Securities and Exchange Commission (SEC), the Direxion Bitcoin Ether Strategy ETF would invest in bitcoin and ether futures contracts, should regulators approve the product. The product may also invest in other ETFs with exposure to futures products. The move comes the same week six other companies filed to launch ether futures ETFs. The SEC has traditionally rejected ether futures and spot bitcoin ETFs.

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