Founded by former Goldman Sachs fund manager Mike Novogratz, Galaxy Digital has applied to the US Securities and Exchange Commission (SEC) for permission to create a Bitcoin Exchange Traded Fund (ETF).
If approved, the Galaxy Bitcoin ETF is expected to be listed on the NYSE Arca of the New York Stock Exchange. Asset custodian, administrator and transfer agent are not named in the application.
Galaxy Digital’s own shares are listed on the Canadian stock market. In addition, the company supported the launch of the CI Galaxy Bitcoin ETF in the country, acting as a co-manager. In the US Bitcoin ETF, Galaxy Digital intends to leverage an index launched in collaboration with Bloomberg. The price will be calculated based on the “simple average” in accordance with the input data.
“The index is designed to track the performance of one bitcoin in US dollars,” the document says.
In its fourth quarter financials, the company reported significant growth figures. As Novogratz himself noted, Galaxy Digital is recording improvements in its asset management, trading and mining divisions, which was launched last. At the same time, Galaxy Digital revealed plans to organize a secondary supply on the American stock market.
Lately, many companies have applied for Bitcoin ETFs, including NYDIG, Fidelity and SkyBridge. Market participants hope that with the arrival of the new administration, the SEC will change its attitude towards this issue and allow the launch of exchange-traded funds based on bitcoin.
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