An increasing number of companies in the United States are filing Bitcoin exchange-traded (ETF) applications. Mike Novogratz’s Galaxy Digital has now become the latest company to join the list after submitting its application earlier today.
Galaxy Digital submits Bitcoin ETF proposal
Galaxy Digital, the company owned by Mike Novogratz, has submitted a Bitcoin ETF proposal with the Securities and Exchange Commission (ETF) earlier today. This latest development means that the SEC has to review nine Bitcoin ETF applications.
According to the S-1 form published by the SEC earlier today, the Galaxy Bitcoin ETF, if approved, will trade on the NYSE Arca exchange. The company intends to use the Bloomberg Galaxy Bitcoin index as its pricing mechanism.
While providing more details to the Bitcoin ETF, Galaxy Digital stated that “The end-of-day Index price is calculated using the Bloomberg Crypto Price Fixings (‘CFIX’) mid-price for bitcoin. CFIX is based on pricing provided by the Bloomberg Generic Price (‘BGN’) using Bloomberg’s data, technology and distribution platforms and is made broadly available to the investment community with the objective of providing cryptocurrency fixings that are reliable, representative, and transparent.”
Galaxy Digital ETF already in Canada
Galaxy Digital is one of the leading cryptocurrency firms in the world. The firm already launched a Bitcoin ETF in Canada after the Toronto Securities and Exchange Commission approved its application last month.
The SEC filing showed that Galaxy Digital didn’t list any custodian or administrator. Furthermore, Galaxy Digital didn’t provide details of the trustee. It only indicated that the organization is a “Delaware trust company.”
This latest development comes a few days after Kryptoin refiled its Bitcoin ETF application. The US SEC is now set to review nine Bitcoin applications. The SEC has announced that it is already reviewing the applications submitted by VanEck and WisdomTree.