Application for Bitcoin ETF Submitted by Galaxy Digital with SEC

Application for Bitcoin ETF Submitted by Galaxy Digital with SEC

Bitcoin Crypto News News
April 12, 2021 by Elias Powell
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It has been revealed that a request for Exchange Traded Fund (ETF) for Bitcoin has been filed by Galaxy Digital. The sources have revealed that it is the US SEC where the request for ETF approval has been submitted by Galaxy Digital. It was on Monday, April 12, 2021, when information around the filing for

It has been revealed that a request for Exchange Traded Fund (ETF) for Bitcoin has been filed by Galaxy Digital. The sources have revealed that it is the US SEC where the request for ETF approval has been submitted by Galaxy Digital.

It was on Monday, April 12, 2021, when information around the filing for Bitcoin ETF buy Galaxy Digital was shared by US SEC. The SEC has confirmed that Galaxy Digital has submitted the request for Galaxy Bitcoin ETF through Form S-1.

In the S-1 form, Galaxy Digital has revealed that if the ETF is approved, then it will be using NYSE Arca Exchange in order to list and launch its Galaxy Bitcoin ETF.

Galaxy Digital has also confirmed that as for the pricing mechanism part, it will be adopting the Bloomberg Galaxy Bitcoin Index.

The Securities and Exchange Commission has also published other points and proposals Galaxy Digital has made in the filing.

The filing reveals that Bloomberg CFIX will be used to calculate end-of-day index prices for mid-price of Bitcoin (BTC). The pricing that CFIX is based on is used for distribution, technology, and data platforms using Bloomberg’s Generic Price.

The community that the platform aims to facilitate is the investment one. The firm does this to ensure that they are provided with fixings for cryptocurrencies that are transparent, representative, and reliable.

According to reports, this is not the first time Galaxy Digital has applied for a Bitcoin Exchange Traded Fund (ETF). Prior to filing at the US SEC, Galaxy Digital had applied and launched its Bitcoin ETF through its subsidiary. Galaxy Digital launched its Bitcoin ETF back in March 2021 in the Canadian market.

It has also been revealed that no administrator or custodian has been listed for Bitcoin Exchange Traded Fund for Galaxy Digital.          On top of that, the listing did not even mention any trustee details that are beyond the organization.

Prior to the Bitcoin Exchange Traded Fund (ETF) filed by Galaxy Digital, another firm known as Fidelity had also applied for a Bitcoin ETF back in March 2021.

However, the US Securities and Exchange Commission still has not made any final calls about the approvals of the ETF proposals. As soon as the US SEC approves the ETF proposal requests, the firms will go ahead and enlist their ETF through the NYSE.

The only thing keeping the US SEC from approving the ETF proposal is its concerns over the pricing of cryptocurrencies. The cryptocurrency industry is extremely volatile and very difficult for investors to handle. Therefore, the US SEC is considering all the possibilities and going through all pros and cons before approving the proposal requests.

However, the US SEC is doing whatever it can to consider the proposals and respond in time to the companies that have applied for the ETF.

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