Long

James

Daily

<p class="is-style-lead">Financial products provider Direxion has filed to register five Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) ETFs.</p>
<p>Bloomberg analyst James Seyffart reported that on Jan. 18, Direxion filed to register five leveraged Bitcoin ETFs with the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" rel="noopener noreferrer nofollow">SEC</a>).</p>
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   <p lang="en" dir="ltr">UPDATE: <a href="https://twitter.com/DirexionLETFs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DirexionLETFs</a> joins the leveraged <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> ETF filings with 5 funds. 2x, -2x, 1.5x, -1.5x, and -1x.<br><br>Rex Shares, ProShares and Direxion all filed now. <a href="https://t.co/ZKhM4rhRtT" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ZKhM4rhRtT</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1748103024956825887?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 18, 2024</a>
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<p>Direxion’s documents show plans to create Bitcoin funds with long leverage of 1x, 1.5x, and 2x, and one for each fund with short leverage. Leveraged ETFs are&nbsp;exchange-traded funds structured to mirror the daily returns of an underlying index.</p>
<p>Bloomberg <a href="https://crypto.news/tag/etf/" rel="noopener noreferrer nofollow">ETF</a> analyst Eric Balchunas also noted in a commentary that leveraged Bitcoin ETFs could soon outnumber long-only positions.</p>
<p>Direxion became the third company last month to file for a leveraged ETF, joining ProShares, which&nbsp;filed for five leveraged Bitcoin ETFs on Jan. 16, and REX Shares, which filed for six leveraged Bitcoin ETFs on Jan. 3.</p>
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   <p lang="en" dir="ltr">T-Rex files 6 leveraged and inverse Bitcoin ETFs<br><br>T-Rex 1.5X Inverse Spot Bitcoin Daily Target ETF<br>T-Rex 1.5X Long Spot Bitcoin Daily Target ETF<br>T-Rex 1.75X Inverse Spot Bitcoin Daily Target ETF<br>T-Rex 1.75X Long Spot Bitcoin Daily Target ETF<br>T-Rex 2X Inverse Spot Bitcoin Daily… <a href="https://t.co/eLFTiS1Gq9" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/eLFTiS1Gq9</a></p>— ETF Hearsay by Henry Jim (@ETFhearsay) <a href="https://twitter.com/ETFhearsay/status/1742664054492045314?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 3, 2024</a>
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<p>So far, the SEC <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" rel="noopener noreferrer nofollow">has approved</a> 11 applications for spot Bitcoin ETFs, prompting market participants to submit similar applications. However, <a href="https://crypto.news/tag/Grayscale/" rel="noopener noreferrer nofollow">Grayscale</a> Investments CEO Michael Sonnenshein&nbsp;<a href="https://www.cnbc.com/2024/01/19/grayscale-ceo-all-approved-bitcoin-etfs-wont-survive-defends-fees.html" target="_blank" rel="noopener noreferrer nofollow">believes</a> that most of the approved spot BTC-ETFs in the U.S. will not survive. He said two or three spot Bitcoin ETFs “may have some critical mass” of assets under management, but the rest could be gone from the market.</p>
<p>Read more: <a href="https://crypto.news/spot-bitcoin-etfs-secure-another-10600-btc-in-fifth-day-trading-surge/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs secure another 10,600 BTC in fifth-day trading surge </a></p>

Direxion submits five leveraged spot Bitcoin ETF applications

crypto.news

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