Galaxy Digital Files for US Bitcoin Futures ETF
The SEC has yet to approve a crypto-based exchange-traded fund.
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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