Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
In the SEC filing, Galaxy Digital said that shares of its Bitcoin ETF will list on the NYSE Arca Exchange. Besides, the Bitcoin ETF will follow the Bloomberg Galaxy Bitcoin index for pricing mechanism.
On Monday, April 12, Mike Novogratz‘s Galaxy Digital Holdings became the latest applicant with the US SEC to get approval for launching a Bitcoin ETF in the US. As per the form S-1 published with the SEC, the Galaxy Bitcoin ETF will trade on the NYSE Arca Exchange.
Besides, the Bitcoin ETF will follow the Bloomberg Galaxy Bitcoin index for pricing mechanism. The Bitcoin ETF filing from Galaxy Digital reads:
“The end-of-day Index price is calculated using the Bloomberg Crypto Price Fixings (‘CFIX’) mid-price for bitcoin. CFIX is based on pricing provided by the Bloomberg Generic Price (‘BGN’) using Bloomberg’s data, technology and distribution platforms, and is made broadly available to the investment community with the objective of providing cryptocurrency fixings that are reliable, representative, and transparent.”
The decision to enter the Bitcoin ETF market comes after submitting its strong Q4 report. The Galaxy Digital crypto bank also seeks growth across its trading, asset management, and mining business. Besides, Galaxy Digital already trades publicly in Canada. However, it is seeking a strong secondary listing on the US-based venture.
Galaxy Digital is also not completely to the Bitcoin derivatives market. Galaxy already serves as a sub-advisor to CI Financial’s Canadian bitcoin ETF dubbed the CI Galaxy Bitcoin ETF. This Bitcoin ETF started trading only last month on the Toronto Stock Exchange (TSX).
The Developments with US Bitcoin ETF
Investors are eagerly waiting for the first Bitcoin ETF in the US market. This is because it will flood massive liquidity followed by huge participation from US financial institutions.
Over the last few months, a number of players have applied for a Bitcoin ETH with the US Galaxy Digital is probably the ninth big player filing to launch its own Bitcoin ETF.
There are now at least 8 U.S. #Bitcoin ETF applications awaiting approval:
VanEck Bitcoin Trust
Valkyrie Bitcoin Fund
NYDIG Bitcoin ETF
Wisdomtree BTC Trust
SkyBridge Bitcoin ETF Trust
Wise Origin Bitcoin Trust
Kryptoin Bitcoin ETF Trust
Galaxy Bitcoin ETF
— Bloqport (@Bloqport) April 12, 2021
Last week, the SEC acknowledged that it has started reviewing the bitcoin ETF application from WisdomTree. The securities regulator has another 45 days to review the application and submit its findings and decisions.
Bitcoin ETF’s have already amassed huge popularity in the North American market. The two Bitcoin ETFs launched in Canada earlier this year are garnering huge attention. The Purpose Bitcoin ETF is now holding more than 17K Bitcoins worth around $1 billion.