Galaxy Digital Files for Bitcoin ETF
Galaxy, which trades publicly in Canada, currently acts as the sub-advisor to the CI Galaxy Bitcoin ETF, launched in Canada in March.
Mike Novogratz, CEO, Galaxy Investment Partners; Source: Galaxy
key takeaways
- The Galaxy Bitcoin ETF, if approved, will trade on the NYSE Arca exchange
- The Trust will hold bitcoin and will value its shares daily based on the value of the index
Crypto investment firm Galaxy Digital Holdings filed for a bitcoin exchange-traded fund (ETF) Monday, joining Fidelity, VanEck and Skybridge, among others, in seeking Security and Exchange Commision approval.
The Galaxy Bitcoin ETF, if approved, will trade on the NYSE Arca exchange, according to form S-1 filed with the US Securities and Exchange Commission. The Bloomberg Galaxy Bitcoin Index will be used as the pricing metric. Galaxy has not yet named a custodian.
“The Trust will hold bitcoin and will value its Shares daily based on the value of the Index,” the filing said. “The Index is designed to measure the performance of a single bitcoin traded in U.S. dollars.”
Galaxy, which trades publicly in Canada, currently acts as the sub-advisor to the CI Galaxy Bitcoin ETF, launched in Canada in March.
The booming bitcoin ETF market in Canada has many hoping the SEC will follow in regulatory suit in coming months. The SEC has consistently blocked all cryptocurrency ETF applications, citing issues with security and pricing, which can be difficult given the 24/7 trading cycle of digital assets and their overall volatile nature.
Still, firms have not stopped submitting applications. This year alone, Fidelity filed for the Wise Origin Bitcoin Trust, Goldman Sachs submitted forms for a cryptocurrency-tied product and Grayscale emphasized their commitment to convert the Grayscale Bitcoin Trust into an ETF as soon as possible.
