Mike Novogratz’s Galaxy Digital filed for a Bitcoin ETF that focuses on futures only
Bloomberg’s senior analyst, Eric Balchunas, shared that Galaxy Digital crypto bank, founded and spearheaded by prominent Bitcoin and Ethereum investor Mike Novogratz, applied to launch a Bitcoin exchange-traded fund (ETF).
Background on the issue of whether futures-only vs futures and other funds matters or not. https://t.co/sxAF2Aw6x0
— Eric Balchunas (@EricBalchunas) August 17, 2021
A second attempt in 4 months: Galaxy Digital files for a Bitcoin futures ETF
After filing with the SEC to receive approval for a Bitcoin ETF in April this year, Galaxy Digital has reportedly tried again – this time, under a different section. Novogratz’s company wants to launch a Bitcoin futures-only ETF.
Instead of going with the more traditional way of filing with the SEC under the securities act of 1933, as it did in April 2021, the company has tried a different approach this time – under the securities act of 1940. Similar to VanEck, Galaxy Digital’s latest attempt will focus on Bitcoin futures only. If approved, it will come with a ticker – Galaxy Bitcoin Strategy ETF.
This act regulates closed-end funds and mutual funds and, according to SEC Chairman Gary Gensler, offers substantial protection to investors.
It’s worth noting that the company, founded and run by Mike Novogratz, already has an active Bitcoin ETF. Earlier this year, Canada’s securities regulator approved such a product, which launched on the Toronto Stock Exchange on March 9th. Galaxy Digital Capital Management acts as the sub-advisor to CI Global Asset Management.
As AZCoin News reported earlier this month, similar filings for a Bitcoin ETF had been submitted by VanEck, Invesco, and other companies.
- Feng Lun, Chairman Of Beijing Vantone Real Estate: Bitcoin Can Replace Traditional Paper Money In Future
- Bitcoin Price Is Trading At $46,300 As Buyers Appear To Be Exhausted Ahead Of The $50,000 Resistance