Galaxy Digital Applies for Bitcoin ETF

Galaxy Digital has filed with the U.S. Securities and Exchange Commission (SEC) to establish a Bitcoin-focused exchange-traded fund (ETF). The number of companies trying to set up a Bitcoin ETF in the US has increased to 9 by Galaxy Digital

Galaxy Digital has taken action to establish a Bitcoin ETF in the US after Canada. The exchange-traded fund that the company plans to establish will be traded on NYSE Arca if approval is obtained from the SEC.

Number of active applications accessed 10

If Galaxy Digital establish an exchange-traded fund, it will be based on Bloomberg’s price index. The company has not indicated from whom it intends to purchase its custody services.

Investors can invest in Bitcoin without making direct purchases through this fund. The document submitted to the SEC stated that this would allow investors to develop “more effective and efficient strategies.”

Galaxy is one of the consultants of CI Galaxy Bitcoin ETF, which is currently in operation in Canada. The fund, which opened last month, has $ 190 million in assets under management. Traded on the Toronto Stock Exchange, Galaxy plans to enter the US stock market.

A total of 9 names such as NYDIG, Valkyrie, Skybridge Capital, Kryptoin and Galaxy Digital are actively working on the creation of an ETF. The SEC has not responded positively to ETF filings so far.

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