In Brief:
- Mike Novogratz’s Galaxy Digital is waiting for SEC approval for a Bitcoin futures ETF.
- Several other firms are also waiting for SEC Greenlight
Mike Novogratz’s Galaxy Digital has filed to the U.S Securities and Exchange Commission (SEC) for the Bitcoin Futures ETF; this time, it’s futures-only.
According to the SEC filing, the Galaxy Bitcoin Strategy ETF hopes to register under the Investment Company Act of 1940. The firm is again applying after four months for the Bitcoin ETF.
The new fund does not invest directly in bitcoin. Instead, it will provide capital appreciation primarily through the active management of Bitcoin futures contracts.
Bitcoin ETF filings are subject to the regulations of the Chicago Mercantile Exchange(CME). If approved, it will come with a ticker – Galaxy Bitcoin Strategy ETF.
The Chair of SEC, Gary Gensler, suggests that this route could have a higher chance of receiving approval. So, Galaxy Digital’s latest attempt focuses on Bitcoin Futures only. Currently, it appears to be the most viable option to launch a regulated crypto investment vehicle in the U.S.
Galaxy is among more than a dozen firms, including WisdomTree Investment, VanEck, Invesco, and much more. A week before, Valkyrie Investment filed for the same. All firms are waiting for the SEC to decide whether to greenlit their bitcoin ETF applications.
