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.

article-image

Mike Novogratz, CEO, Galaxy Investment Partners; Source: Galaxy

share

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.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png

Research

Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.

article-image

Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121

article-image

Oklahoma’s new crypto bill will go into effect in November of this year

article-image

The deposits hit a $20 million cap in just 45 minutes

article-image

Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image

Pump.fun is “aware” that bonding curve contracts on Pump.fun were exploited, and has since paused trading

article-image

Some investment pros are mulling crypto allocations between 1% and 10% and seeking ex-BTC exposure for interested clients