Bitcoin, Bitcoin (BTC), bitcoin etf, BTC, BTC ETF, exchange traded fund, Galaxy Bitcoin ETF, Galaxy Digital Bitcoin ETF, Mike Novogratz

The investment company Galaxy Digital Holdings has revealed it is joining the growing list of firms looking to sponsor a bitcoin exchange-traded fund (ETF). Novogratz’s crypto firm applied with the U.S. Securities Exchange Commission (SEC) on Monday to launch a product called the “Galaxy Bitcoin ETF.â€

Galaxy Digital Wants to Provide a Bitcoin ETF

Galaxy Digital Holdings (TSX: GLXY) filed a Form S-1 registration with the SEC on Monday in order to get approval for a new bitcoin ETF. The “Galaxy Bitcoin ETF†filing was submitted on April 12, 2021, and joins the seven other bitcoin ETF contenders waiting for approval from the U.S. regulator. Galaxy Digital is an investment company led by Michael Novogratz, a former executive from the macro-strategy hedge fund Fortress.

“Galaxy Bitcoin ETF is an exchange-traded fund that issues common shares of beneficial interest that trade on NYSE Arca,†The Galaxy ETF filing notes. “The trust’s investment objective is to reflect the performance of the Bloomberg Galaxy bitcoin Index, less the trust’s expenses and other liabilities. 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, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited.â€

Eight Bitcoin ETF Filings Waiting for Approval

Novogratz has been a bitcoin bull for quite some time and speaks about the crypto economy on a regular basis. On April 13, when bitcoin (BTC) saw a new all-time high (ATH) at $63,769 per unit, Novogratz was quite pleased. “A fine day for my favorite song,†he tweeted. “Bitcoin Please Go To Moon Song,†Novogratz added. The Galaxy Bitcoin ETF filing notes that the sponsor does not plan to buy or sell BTC directly.

“The trust is an exchange-traded fund. Barring a liquidation or extraordinary circumstances,†the filing adds. “The trust does not intend to purchase or sell bitcoin directly, although the trust may direct the custodian to sell bitcoin to pay certain expenses. Creations and redemptions of shares will be effected in ‘in-kind’ transactions in blocks of [ ] shares based on the quantity of bitcoin attributable to each share.â€

The Galaxy Bitcoin ETF registration follows the recent Kryptoin re-filing last week. Galaxy will now be the eighth BTC ETF applicant hoping for the SEC’s approval. Besides Galaxy there’s Valkyrie, Vaneck, Fidelity, NYDIG, Wisdomtree, First Trust & Skybridge, and Kryptoin.

What do you think about Galaxy Digital’s bitcoin ETF filing? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Bitcoin Markets Blood Red After Tesla Announcement, Crypto Economy Sheds Billions

Digital currency markets have seen better days, as billions of dollars were shaved off the entire crypto-economy after Tesla revealed it would not be accepting bitcoin over environmental concerns. The entire market capitalization of all the crypto assets in existence has dipped under the $2 trillion mark, and most coins are down between 5-30% during […]

Xem chi tiết: Bitcoin Markets Blood Red After Tesla Announcement, Crypto Economy Sheds Billions

Official Remittance Inflows to Zimbabwe Surged to $1 Billion After Covid-19 Restrictions Forced Migrants to Use Formal Channels

Cross border remittances into Zimbabwe surged to $1 billion in 2020, more than a 36% increase from the $636m that was recorded in 2019. This surge in remittances occurred despite the “steep decline in economic activity in host countries, which in turn made it difficult for migrants in the diaspora to send money home.†Effects […]

Xem chi tiết: Official Remittance Inflows to Zimbabwe Surged to $1 Billion After Covid-19 Restrictions Forced Migrants to Use Formal Channels

Cybersecurity Firm Spots a Crypto Stealer Distributed Through a Massive Email Spam Campaign and Discord Channels

A crypto stealer seems to have spread through a massive spam campaign across several countries, including the United States, Australia, Japan, and Germany. The malware dubbed “Panda Stealer†has been spotted by a cybersecurity company. It is reportedly also distributed on Discord channels. Malware Can Also Steal Data From Telegram and Discord Apps According to […]

Xem chi tiết: Cybersecurity Firm Spots a Crypto Stealer Distributed Through a Massive Email Spam Campaign and Discord Channels

Bank of Israel Drafts Model of a Digital Shekel

The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model†of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. The Israeli central […]

Xem chi tiết: Bank of Israel Drafts Model of a Digital Shekel

SEC to Scrutinize Funds Invested in Bitcoin Futures

The U.S. securities watchdog has announced it will scrutinize mutual funds that include investments in bitcoin futures markets to verify funds that comply with the Investment Company Act. The institution warned about the dangers of investing in bitcoin futures markets due to the implicit volatility of the underlying asset. SEC Warns Funds About Bitcoin Futures […]

Xem chi tiết: SEC to Scrutinize Funds Invested in Bitcoin Futures

‘Bullish’ Cryptocurrency Exchange to Launch With Backing of Billionaire Investors, Investment Bank Nomura

A new cryptocurrency exchange called “Bullish†will be launched this year by Bullish Global, a subsidiary of Block.one. It is backed by a number of prominent investors, including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura. Bullish Global Launching Bullish Exchange Block.one, the software company behind the […]

Xem chi tiết: ‘Bullish’ Cryptocurrency Exchange to Launch With Backing of Billionaire Investors, Investment Bank Nomura

Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

A specialty tea products retailer based in China’s Hunan province, Urban Tea, has introduced crypto payments in its stores and restaurants on two continents. Starting from this week, customers will be able to buy its beverages and meals using various cryptocurrencies. Chinese Tea Stores and Restaurants to Accept Crypto The publicly traded tea company runs […]

Xem chi tiết: Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

Palantir to Accept Bitcoin for Services, Considers Keeping BTC on Its Balance Sheet

Palantir Technologies, the Peter Thiel-backed, American software company specializing in big data analytics, announced Tuesday that company plans to accept bitcoin for services. Further, like a variety of corporate entities that are accepting and holding bitcoin, Palantir is considering keeping the asset on its balance sheet. Palantir Enters the Crypto Economy On Tuesday, Palantir Technologies […]

Xem chi tiết: Palantir to Accept Bitcoin for Services, Considers Keeping BTC on Its Balance Sheet

Mark Zuckerberg’s Goat, “Bitcoin”, Ignites Conspiracy Theories

How Long Does a Bitcoin Bull Run Last? Proponents Use a Myriad of Charts and Models to Predict Future Prices

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Morgan Creek’s Mark Yusko Predicts Bitcoin Can Reach $250K in 5 Years

South African Tax Collector Targeting Crypto Investors in Its Bid to Raise Extra Revenues

Ethereum Skyrockets Past $4K Tapping a New ATH, Ether Dominance Jumps to 20%

Bitcoin’s Smallest Unit: Billionaire Mike Novogratz Wants Crypto Exchanges to Quote Satoshis

Report: China’s Bitcoin Hashrate Dominance Dives, ‘North America Could Steal the Lead’