Galaxy Digital Files for US Bitcoin Futures ETF

The SEC has yet to approve a crypto-based exchange-traded fund.

Aug 17, 2021 at 11:48 a.m. UTC
Updated Sep 14, 2021 at 1:40 p.m. UTC

Galaxy Digital, a financial-services firm that is led by ex-hedge fund manager Michael Novogratz, has filed with U.S. regulators for a bitcoin futures exchange-traded fund (ETF).

  • The fund will invest in futures and will not invest directly in bitcoin, according to the filing with the Securities and Exchange Commission.
  • The SEC has yet to approve any of the dozens of applications for crypto ETFs in recent years.
  • Earlier this month SEC Chairman Gary Gensler signaled he preferred ETFs based on bitcoin futures.
  • Bitcoin futures contracts are subject to the rules of the Chicago Mercantile Exchange (CME).
  • In April, Galaxy Digital filed for a bitcoin ETF.
  • Galaxy is the sub-adviser to the CI Galaxy Bitcoin ETF, which has $190 million in assets and which trades on the Toronto Stock Exchange.
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