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Chief Bloomberg expert on ETFs Eric Balchunas just shared that Galaxy Digital crypto bank, founded and spearheaded by prominent Bitcoin and Ethereum investor and former Goldman Sachs asset manager Mike Novogratz, has submitted an application to launch a Bitcoin exchange-traded fund (ETF).
According to the filing, this ETF will be focused on BTC futures only and was filed for under the 1940 Act—this is a requirement of the Securities and Exchange Commission and its chairman Gary Gensler.
In his tweet, Balchunas emphasized that this filing is "as Gensler-ready as you can get." According to him, this is the fifth filing for a BTC ETF so far.
Galaxy just filed for a Bitcoin Futures ETF registered under 1940 Act and that will ONLY invest in futures, which is as Gensler-ready as you can get. This futures filing #5. pic.twitter.com/gMLH98mxS5
— Eric Balchunas (@EricBalchunas)
This act regulates closed-end funds and mutual funds and, according to SEC chairman Gensler, offers substantial protection to investors.
On April 12, Galaxy Digital already filed for a Bitcoin ETF under the Securities Act of 1933.
Besides, the company already has a Bitcoin ETF running in Canada—CI Galaxy Bitcoin ETF—among its investor products.
Earlier this month, InkByte reported that similar filings for a Bitcoin ETF had been submitted by VanEch, Invesco and other companies.
InkByte Editorial Team
Dan Burgin
