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
President Biden's decision to release oil from a national reserve should bring some comfort to drivers who are paying an average of $3.50 per gallon to fill up. The recovery from the economic slump has been slowed by a 50 percent increase in gasoline costs over the last year, angering drivers. Gas prices will be pushed lower as more oil is released into the market.
Banks and Finance
Meanwhile, according to the TASS news agency, the Ministry of Finance is on track to present a measure governing cryptocurrency by February 18.
Banks and Finance
Liquidity Provider
What is NFT?The realm of digital art and collectibles is being taken over by NFTs. The rise of a new crypto-audience is reshaping the fortunes of digital artists. Celebrities are also hopping on board, seeing this as a fresh opportunity to interact with their fan bases.
Fintech