Galaxy Digital applies to launch Bitcoin ETF

Led by Mike Novogratz, Galaxy Digital has filed an application to launch a bitcoin-based exchange-traded fund (ETF).

The instrument’s listing is planned on the NYSE Arca exchange. The price of the Bitcoin ETF will be set based on the Bloomberg Galaxy Bitcoin Index.

“The index is designed to track the performance of one bitcoin in US dollars,” the document says.

The company did not specify who will provide custody of the digital assets.

Applications to launch a Bitcoin ETF were filed with the U.S. Securities and Exchange Commission (SEC) by VanEck, WisdomTree, NYDIG, Bitwise, Valkyrie Digital Assets, Kryptoin, SkyBridge Capital with First Trust Advisors and Fidelity Investments.

In March 2021 the SEC began reviewing the VanEck filing, and in April — the WisdomTree filing.

In February, Canada registered the first Bitcoin ETF in North America. The regulator also approved the launch of the CI Galaxy Bitcoin ETF — an exchange-traded fund from CI Global Asset Management and Galaxy Digital.

Earlier, Mike Novogratz predicted the SEC would approve a Bitcoin ETF in 2021.

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