Novogratz’s Galaxy Digital Jumps Into the Bitcoin ETF Fray – Finance Bitcoin News


Novogratz’s Galaxy Digital Jumps Into the Bitcoin ETF Fray – Finance Bitcoin News

Investment firm Galaxy Digital Holdings has announced that it is joining a growing list of companies looking to sponsor a bitcoin exchange traded fund (ETF). On Monday, cryptocurrency firm Novogratz filed an application with the US Securities and Exchange Commission (SEC) to launch a product called Galaxy Bitcoin ETF.

Digital Galaxy will offer ETF in bitcoins

Galaxy Digital Holdings (TSX:GLXY) filed a Form S-1 with the Securities and Exchange Commission on Monday to gain approval for a new bitcoin ETF. The Galaxy Bitcoin ETF was launched on the 12th. In April 2021, it filed and joined seven other bitcoin ETF applicants awaiting approval from US regulators. Galaxy Digital is an investment firm led by Michael Novogratz, the former head of macro strategy hedge fund Fortress.

The Galaxy Bitcoin ETF is an exchange-traded fund that issues common stock traded on the NYSE Arca, according to the Galaxy ETF’s registration statement. The investment objective of the trust is to reflect the performance of the Bloomberg Galaxy Bitcoin Index net of expenses and other liabilities of the trust. As part of its investment objective, the Trust will hold bitcoin and value its shares daily based on the value of the Index, which is calculated using data from bitcoin price sources selected by Bloomberg Index Services Limited.

Eight bitcoin ETF applications pending approval

Novogratz has long been a bitcoin bull and regularly talks about the crypto economy. On the 13th. In April, when bitcoin (BTC) reached a new high (ATH) of $63,769 per unit, Novogratz was satisfied. Beautiful day for my favorite song, he tweeted. Bitcoin Please Go To Moon Song, Novogratz added. The application for the Galaxy Bitcoin ETF states that the sponsor does not intend to buy or sell BTC directly.

The Trust is an exchange traded fund. Exceptions are liquidation cases or emergencies, the candidate adds. The trust does not intend to buy or sell bitcoins directly, although the trust may require the custodian to sell bitcoins to pay for certain expenses. The creation and redemption of shares will be in the form of in-kind transactions in blocks of [ ] shares, based on the amount of bitcoins that can be allocated to each share.

The registration of the Galaxy Bitcoin ETF follows Cryptoin’s recent push last week. Galaxy will be the eighth BTC ETF candidate hoping to get approval from the SEC. In addition to Galaxy, there are Valkyrie, Vanek, Fidelity, NYDIG, Wisdomtree, First Trust & Skybridge, and Cryptoin.

What do you think of the bitcoin ETF presentation at Galaxy Digital? Let us know what you think in the comments below.

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