##  [# Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs ](/sections/news/direxion-joins-rivals-seeking-offer-leveraged-bitcoin-etfs) 

 

# Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs 

 

 

The firm follows ProShares and T-Rex as issuers seek to grab share in the new, fast-evolving spot bitcoin market.



 

 

 

 

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[By Lucy Brewster](/authors/lucy-brewster)

 Jan 23, 2024

 Edited by: Ron Day

 

 

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On the heels of the rollout of the first spot bitcoin ETFs, issuers are seeking to offer specialized varieties of funds—leveraged and inverse—in an effort to cater to investors hoping to capitalize on the cryptocurrency’s price swings.

[Direxion](https://www.etf.com/topics/direxion), the asset manager that has $35 billion in 80 ETFs, [filed](https://www.sec.gov/Archives/edgar/data/1424958/000119312524010269/d167180d485apos.htm#xx_205e0923-924f-44c9-b32d-2e1895ab3102_1) Jan. 18 with the Securities and Exchange Commission to launch five leveraged and inverse leveraged spot bitcoin funds. The ETFs filed include a 2x spot bitcoin ETF, an inverse 2x, a 1.5x fund, an inverse 1.5x, and an inverse 1x fund.

ETF issuer [ProShares](https://www.etf.com/topics/proshares), in addition to a partnership between Rex Shares and Tuttle Capital Management (T-Rex), have also filed for similar funds with the SEC. T-Rex first filed for the [leveraged](https://www.etf.com/etf-education-center/etf-basics/what-leveraged-etf) funds on Jan. 3, while ProShares shared unveiled their suite of leveraged and [inverse](https://www.etf.com/etf-education-center/etf-basics/what-inverse-etf) bitcoin ETFs on Jan. 16.

Spot bitcoin ETFs, which provide exposure to price swings in bitcoin rather than to bitcoin futures, began trading Jan. 11 and have proven popular with investors by quickly pulling in more than $3 billion in flows. Firms in the notoriously competitive field, already slashing management fees to gain customers, are betting on creating new products to gain market share, such as those that give investors double exposure, or inverse exposure, on the controversial commodity.

The proposed exchange-traded funds aren’t the first leveraged products from New York-based Direxion. The firm has launched a slew of leveraged funds, the largest being the [**Direxion Daily Semiconductor Bull 3X Shares (SOXL),**](https://etf.com/SOXL) which has about $8 billion in assets.

## Spot Bitcoin ETF Race 

While leveraged funds may speak to investors with a higher risk appetite, the recently rolled out spot bitcoin ETFs have garnered billions in assets in their first week of trading, surprising some cryptocurrency skeptics.

Despite investor enthusiasm for the long-awaited spot bitcoin ETFs, the price of bitcoin has pared gains that came in the runup to the products’ launch. It’s currently around $39,000, down more than 13% since January 9 when it reached its high of the year at nearly $47,000.

*Contact Lucy Brewster at* <lucy.brewster@etf.com>.

 
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 [ Lucy Brewster Finance Reporter ](/authors/lucy-brewster) 

 

 

  Lucy Brewster is a finance reporter at etf.com covering asset managers, emerging technologies, and regulation. She hosts etf.com webinars and appears…   [View Bio](/authors/lucy-brewster)

 



 

 


 Related Topics  [Spot Bitcoin](http://www.etf.com/topics/spot-bitcoin) 

 [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Direxion](http://www.etf.com/topics/direxion) 

 [ProShares](http://www.etf.com/topics/proshares)