Galaxy Digital Applies for Bitcoin Futures ETF
Aug 17, 2021
Galaxy Digital filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to create a bitcoin futures exchange-traded fund under the Investment Company Act of 1940.
This action followed Galaxy Digital's initial application to create a bitcoin ETF, which was rejected.
Notably, the Mike Novogratz-led company, which had $1.42 billion in assets as of June 30, 2021, will invest in bitcoin futures and other financial instruments, not directly in bitcoin.
The Chicago Mercantile Exchange's laws apply to Bitcoin ETF registrations.
The submission is in line with SEC Chairman Gary Gensler's latest preferences, which he articulated only a few weeks ago.
Following those statements, a slew of firms applied for approval of a Bitcoin Futures ETF. VanEck, Invesco, Goldman Sachs, Grayscale Bitcoin Trust, and Viridi Funds, for example, have all recently registered for or begun to provide Bitcoin ETFs as investment vehicles.
The increase in ETF registrations by major corporations reflects a substantial and rising desire in the United States for exposure to Bitcoin through traditional investment vehicles.
Following Gensler's announcement that filings based on Bitcoin futures may have the best chance of being approved, it's likely that more companies will use this approach.
Subscribe Our Newsletter
Commodity ETFs provide a method to obtain access to one or multiple commodities while decreasing the risk associated with direct investment in a single one. Commodity ETFs provide a method to obtain access to one or multiple commodities while decreasing the risk associated with direct investment in a single one.
Stocks
Last week, Goldman Sachs' energy research team drew a lot of attention on Wall Street when they predicted Brent crude oil will hit $90 a barrel by the end of the year.
Banks and Finance
Alexander
Price-to-Earnings (P/E) Ratio Guide: Definition, Formula, and ExamplesLearn all about the price-to-earnings (P/E) ratio, a key metric in investment analysis, from its history to various calculation methods and practical uses.
Trading