Mike Novogratz led Galaxy Digital has filed with the U.S regulators for a bitcoin Exchange-traded fund (ETF).
Galaxy Digital holding filed a form S-1 registration with the SEC on Monday to get approval for a new Bitcoin Exchange-traded fund (ETF). In the recent years, dozens of application has swatted away by the Securities and Exchange Commission (SEC). If approved, it would be the first such investment vehicle to get U.S clearance. Submitted the “Galaxy Bitcoin ETF” filling on April 12, 2021
This month the SEC is reviewing the two applications, and companies have filed another six. The other six applications, including Galaxy’s, still need an exchange partner to file their corresponding form before SEC can begin its review.
Galaxy trade publicly in Canada and already acts as sub-advisor to the Canadian bitcoin ETF offering sponsored by CI Financial, CI Galaxy Bitcoin ETF.
Galaxy is the sub-advisor to the CI Galaxy Bitcoin ETF, which has $190 million in assets after launching last month. The product utilized the Galaxy Bitcoin Index, which owns and calculate by Bloomberg services.
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Bitcoin ETF permits individuals to participate in the digital currency market without making crypto wallets. One can buy shares that represent the digital asset and does not have to buy and store the cryptocurrency itself.
Galaxy publicly listed on the Toronto Stock Exchange and is in the process of obtaining a U.S listing.
