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The daily leveraged and inverse exchange-traded fund (<a href="https://crypto.news/peter-brandt-bitcoin-halving-and-etf-are-much-ado-about-nothing/" rel="noopener noreferrer nofollow">ETF</a>) issuer, Direxion, has filed for Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) and Ether (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) futures products with the US SEC. 
The company follows some other prominent industry players that have filed to launch futures ETFs in recent months, including BlackRock and Valkyrie. 
Citing its search for capital appreciation, <a href="https://www.sec.gov/Archives/edgar/data/1424958/000119312523201742/d268575d485apos.htm#xx_4f85e29d-4751-4476-9c30-0d4dad87e583_1" target="_blank" rel="noopener noreferrer nofollow">the filing</a> reveals Direxion wants to achieve its investment goal through crypto futures contracts traded on the Chicago Mercantile Exchange (CME). 
 You might also like: <a href=" https://crypto.news/cme-group-set-to-launch-eth-to-btc-ratio-futures-in-july/" rel="noopener noreferrer nofollow"> CME Group set to launch ETH to BTC ratio futures in July </a> 
As stated earlier, Direxion is not the first to file for futures ETFs. However, even though history reveals that the U.S. Securities and Exchange Commission (SEC) might have approved some non-spot Bitcoin ETFs over the years, it has not approved <a href="https://crypto.news/sec-requests-pause-on-eth-futures-etfs/" rel="noopener noreferrer nofollow">ETF applications tracking Ethereum</a>. 
Speculations about the trigger of the race for crypto-related ETFs abound, including the filing by <a href="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">BlackRock</a> for a Bitcoin ETF, which is currently being screened by the SEC. Being the world’s largest asset management firm, its success seemed to have emboldened several other firms to follow the same path. 
 You might also like: <a href="https://crypto.news/sec-seeks-public-input-on-bitcoin-etfs/" rel="noopener noreferrer nofollow"> SEC seeks public input on Bitcoin ETFs </a> 
<a href="https://www.forbes.com/advisor/investing/cryptocurrency/spot-bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">Forbes</a> has attributed BlackRock’s success to addressing some concerns the SEC cited before rejecting other past applications and maybe studying the <a href="https://crypto.news/crypto-twitter-abuzz-with-coinbase-banter-after-sec-lawsuit/" rel="noopener noreferrer nofollow">SEC’s lawsuit</a> against Binance and Coinbase Global. 
Little is known about the possible response the SEC would give Direxion. Still, the recent <a href="https://crypto.news/sec-seeks-public-input-on-bitcoin-etfs/" rel="noopener noreferrer nofollow">call for public input</a> on Bitcoin ETFs and the <a href="https://crypto.news/grayscale-calls-for-sec-to-approve-all-bitcoin-etfs-simultaneously/" rel="noopener noreferrer nofollow">urge by Grayscale</a> for a simultaneous approval of all Bitcoin ETF applications reveal the pressure the SEC is probably facing, with over six applications before it. 
The investment strategy of the filed application reads that Direxion does not invest in bitcoin or ether directly. 
The soon-to-be narrative about cryptocurrency ETFs will hopefully significantly improve from last year’s records.&nbsp; 
Direxion has earned its reputation when it comes to traditional finance ETFs. Its recent filing for a Bitcoin Ether strategy ETF to be listed and traded on the New York Stock Exchange (NYSE) Arca could be another step towards broader acceptance and adoption of cryptocurrency. 
 Read more: <a href=" https://crypto.news/cryptocurrency-etfs-record-worst-debuts-in-history/" rel="noopener noreferrer nofollow"> Cryptocurrency ETFs Record Worst Debuts in History </a>

Direxion files for Bitcoin and Ether ETFs

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