US-Based Bitcoin ETF: Galaxy Digital Joins the Race for SEC Approval

US-Based Bitcoin ETF: Galaxy Digital Joins the Race for SEC Approval

The race by companies in the US to attain approval to launch a Bitcoin (BTC) exchange-traded fund (ETF) continues to intensify, as Mike Novogratz’s Galaxy Digital files with the US SEC. If it gains approval from the regulator, the Galaxy Bitcoin ETF will trade on the NYSE Arca exchange.

Galaxy Digital, which is based in New York, is a diversified financial services provider with a keen focus on the cryptocurrency and blockchain industry. With its recent filing with the Securities and Exchange Commission, the company has reaffirmed its pro-crypto stance.

According to Galaxy Digital’s press release, the Galaxy Bitcoin ETF will issue common shares of beneficial interest that are traded on the NYSE Arca once it gets approved. The performance of the shares will be pegged to the performance of the Bloomberg Galaxy Bitcoin Index, which features multiple pricing sources.

Galaxy Digital noted in its report that:

“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.”

Canada Is More Receptive to Bitcoin ETFs than the US
Galaxy Digital’s recent ETF application brings the total number of companies in the race to launch the pioneering BTC ETF to eight. That said, the SEC is yet to approve the first such project, VanEck, since March.

Meanwhile, Canada has approved several BTC ETFs, as the country maintains a crypto-friendly stance. Already, there is a version of the Galaxy Digital asset trading in North America. Galaxy Digital entered into a partnership with CI Global Asset Management to launch the CL Galaxy Bitcoin ETF on the Toronto Stock Exchange (TSX) on March 9.

 

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.