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Galaxy Digital Files for US Bitcoin Futures ETF
The SEC has yet to approve a crypto-based exchange-traded fund.
Galaxy Digital, a financial-services firm that is led by ex-hedge fund manager Michael Novogratz, has filed with U.S. regulators for a bitcoin futures exchange-traded fund (ETF).
STORY CONTINUES BELOW
- The fund will invest in futures and will not invest directly in bitcoin, according to the filing with the Securities and Exchange Commission.
- The SEC has yet to approve any of the dozens of applications for crypto ETFs in recent years.
- Earlier this month SEC Chairman Gary Gensler signaled he preferred ETFs based on bitcoin futures.
- Bitcoin futures contracts are subject to the rules of the Chicago Mercantile Exchange (CME).
- In April, Galaxy Digital filed for a bitcoin ETF.
- Galaxy is the sub-adviser to the CI Galaxy Bitcoin ETF, which has $190 million in assets and which trades on the Toronto Stock Exchange.
Read more: Splashy Canadian Bitcoin ETF Sees Inflows Slow as Price Drops
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
