Direxion Applies For A Combined Bitcoin and Ether Futures ETF

TL;DR

• Derixion has filed for a combined Bitcoin and Ethere futures exchange-traded fund (ETF). 

• The ETF will target investors that invest in bitcoin and ether futures contracts.

Derixion Joins The Crypto ETF Train

Exchange-traded fund (ETF) issuer Direxion has filed for a Bitcoin and Ether futures ETF on Wednesday. By filing its application, Derixion has joined a host of traditional financial companies that are seeking to enter the crypto space via ETFs. 

In its filing with the United States Securities and Exchange Commission (SEC), Derixion said the product is named the Direxion Bitcoin Ether Strategy ETF. If approved, the ETF would invest in Bitcoin and Ether futures contracts. The ETF could also invest in other ETFs with exposure to futures products.

This latest development comes a few days after six companies filed to launch Ether futures ETFs. The futures ETFs are different from the spot ETFs and the US SEC has been more open to approving futures ETFs in the past.

The regulatory agency has rejected all the spot Bitcoin ETF applications filed in the past but many in the industry are optimistic that it would accept at least one of them, especially the application filed by BlackRock. 

The futures ETF applicants hope to start trading the contracts before the end of the year if the SEC approves their applications.