Bitcoin News

Galaxy Digital Submits Bitcoin ETF With U.S. SEC – Exclusive.

Galaxy Digital has submitted a Bitcoin [BTC] ETF [Exchange-traded Fund] filing with the U.S. SEC [Securities and Exchange Commission].

In line with the forum S-1 outlined by the SEC earlier today on Monday, the Galaxy Bitcoin ETF – if approved – will trade on the NYSE Arca exchange, with the Bloomberg Galaxy Bitcoin index tapped as the pricing mechanism.

Detailing the worth mechanism for the potential Bitcoin ETF, the filing explains as:

“The end-of-day Index price is calculated using the Bloomberg Crypto Price Fixings [‘CFIX’] mid-price for bitcoin. CFIX is predicated on pricing provided by the Bloomberg Generic Price (‘BGN’) using Bloomberg’s data, technology, and distribution platforms, and is formed broadly available to the investment community with the target of providing cryptocurrency fixings that are reliable, representative, and transparent.”

As reported earlier, Galaxy Digital, via its financial services subsidiary, launched a Bitcoin ETF product within the Canadian market earlier in the month of March.

Galaxy’s Bitcoin ETF filing didn’t list any custodian or administrator. The filing document also didn’t provide details of the trustee beyond the organization is a “Delaware trust firm.”

The Bitcoin ETF filing by Galaxy Digital comes on the heels of an identical app by Fidelity earlier in March.

The SEC is yet to approve any Bitcoin ETF, with the earlier leadership citing volatility as well as price manipulation concerns.

Additionally, the SEC within a week will deliver its initial response to VanEck’s Bitcoin ETF filing following the commission’s acknowledgment of the submission filed earlier in mid-March.

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