The US Securities and Exchange Commission (SEC) continues to receive applications to launch exchange-traded funds (ETFs) on Bitcoin. BTC futures fund plans to create Galaxy Digital.
The SEC has been refusing to launch a Bitcoin direct investment ETF for years. However, recently the head of the department Gary Gensler (Gary Gensler) said that the likelihood of approval of ETFs for cryptocurrency futures is significantly higher than the approval of the fund for direct investment in cryptoassets. Therefore, several companies have already applied to launch an ETF with an indirect investment in bitcoin.
“The Galaxy Bitcoin Strategy ETF will not directly invest in Bitcoin, including the derivatives market. Investors looking for direct investment in bitcoin should consider other instruments, ”the application says.
According to Eric Balchunas, senior ETF analyst at Bloomberg, applications for launching funds for investments in cryptocurrency futures “are as close as possible to Gensler’s position.”
“The fund can invest in bitcoin ETF shares organized and admitted to trading in Canada or other jurisdictions, as well as in other mutual investment products,” the application says.
Previously, VanEck filed a similar application to the SEC. However, in this case, the fund will invest in Canadian cryptocurrency ETFs and, in fact, will be a “proxy ETF”.
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