Galaxy Digital, a diversified financial services company dedicated to the digital assets industry, filed yesterday, April 12, an application with the United States Securities and Exchange Commission (SEC) for the creation of a new ETF (exchange-traded fund) in bitcoins. It is a proposal that joins eight others that have been submitted to the agency so far this year.
According to what can be read in the Galaxy Digital application published by The SEC, the company named the exchange NYSE Arca (where both stocks and options are traded), as the place to exchange its ETF, once it is approved.
Likewise, before the SEC begins to review the application, Galaxy Digital will have to appoint a custodian, administrator or transfer agent , since so far it has only said that the custodial company is located in Delaware.
If the SEC approves the application for Galaxy Digital, this would be the first ETF to be listed on the United States stock market. Since March of this year, the company has an ETF that is listed under the symbol BTCX on the Toronto Stock Exchange , with BTCX.B tickets for trading in Canadian dollars. , and BTC.U for the price in US dollars.
If the ETF for the United States stock market is approved, like the ETF that Digital Galaxy has in Canada, it would list its trends with the Bloomberg Galaxy Bitcoin Index , managed by Bloomberg Index Service Ltd. This per published request by the SEC.
The Trust will hold bitcoin and value its shares daily based on the value of the Index, which is calculated based on data from bitcoin price sources selected by Bloomberg Index Services Limited.
Registration application for Galaxy Digital ETF published by the SEC.
The Galaxy Digital’s application to the SEC, as published by The Block Crypto, follows the delivery of the fourth quarter report, where the CEO of the company, Mike Novogratz, said that Galaxy Digital was experiencing growth in asset management, in trading, and in his latest acquisition: bitcoin mining. In addition, it disclosed in this document its future plans to make a secondary listing at a location based in the United States that is still unknown.
Galaxy Digital is not the only company applying for an ETF
As stated at the beginning of the note, Galaxy Digital is the ninth company this year to file an application with the SEC for the launch of a Bitcoin ETF. In fact, already at the global investment company, VanEck , the regulatory body is reviewing its request to approve, modify or reject what is stated within the document presented. So far, VanEck’s application has been the only one officially admitted by the SEC.
Among the other companies that have filed an application with the SEC this year to launch their ETF are the leading financial products and technology company, NYDIG Asset Manager; the company specialized in asset management and pension funds, Fidelity Investment; the global investment firm, SkyBridge Capital; the group that manages investments in Bitcoin, Valkyrie Digital Asset; and the sponsor and asset manager, Wisdom Tree Commodity Services; among others.
Even according to a note published last week by CriptoNoticias, the investment fund Grayscale has plans to convert its investment fund in bitcoin into an ETF.