Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful

Galaxy Digital’s bitcoin ETF becomes the ninth application pending with the SEC.

Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The preliminary prospectus states that “the trust provides direct exposure to bitcoin. The shares are valued on a daily basis based on data from bitcoin pricing sources.” (The Block Crypto)

The proposed ETF will track the Galaxy Bitcoin Index which measures the performance of a single bitcoin traded in U.S. dollars.

“In seeking to achieve its investment objective, the trust will hold bitcoin and will value its shares daily based on the value of the index,” the filing said.

Others in the queue

Other competing firms that have already put in bitcoin ETF applications include VanEck, Valkyrie Bitcoin Trust, WisdomTree, NYDIG, Fidelity Investments, Skybridge Capital, Simplify, and Kryptoin Investment Advisors.

The last-named firm, launched by Jason Toussaint of SPDR Gold Shares fame, refiled its 2019 BTC ETF application on April 9. However, it changed the listing exchange from NYSEArca to CBOE BZX. The fund is dubbed the “Kryptoin Bitcoin ETF Trust.”

The Kryptoin filing stated: “In seeking to achieve its investment objective, the Trust will hold bitcoin, and in seeking to ensure that the price of the Trust’s shares is reflective of the actual bitcoin market, the Trust will value its shares daily as determined by the CF Bitcoin US Settlement Price.”

Meanwhile, the SEC announced Friday that it will take in hand a review of the WisdomTree Bitcoin Trust.

The application by VanEck has already been under review for a few weeks.

Related Story:  Scaramucci’s Skybridge Capital Files For A Bitcoin ETF                                                 

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