Galaxy Digital, the financial services firm led by Michael Novogratz, is the latest entity to file with the SEC for a Bitcoin ETF
Perhaps this year is the Bitcoin ETF boom year. And the latest person who recently filed with the SEC to register for a Bitcoin ETF is Galaxy Digital – a financial services company led by Michael Novogratz.
Mike Novogratz Galaxy Digital filed for Bitcoin ETF with the SEC
The number of companies applying for approval to launch a Bitcoin ETF in the US continues to increase with the addition of Galaxy Digital by Mike Novogratz. If approved, the Galaxy Bitcoin ETF will trade on the NYSE Arca exchange.
Based in New York, Galaxy Digital is a diversified financial services company dedicated to the cryptocurrency and blockchain industry. The company took another crypto-backed step by applying with the US Securities and Exchange Commission to launch its own Bitcoin exchange-trading fund.
The document states that if the Commission approves the application, the Galaxy Bitcoin ETF will issue ordinary shares with a trading interest on the NYSE Arca. The value of the stock will follow the performance of the Bloomberg Galaxy Bitcoin index, including many sources of valuation.
Documents stated:
“In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the value of the Index, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited.”
With Galaxy Digital’s application, the number of US-based companies that are making efforts to implement Bitcoin ETFs continues to increase. However, the SEC has yet to approve such the first product. VanEck’s filing appears to be a step before the Commission put its Bitcoin ETF proposal for discussion in March.
At the same time, Canada has taken the lead with several active BTC ETFs. In fact, Galaxy Digital already has one working in North America. Novogratz’s company partnered with CI Global Asset Management and CI Galaxy Bitcoin ETF to launch on the Toronto Stock Exchange (TSX) on March 9.
You can see the BTC price here.
Read more:
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