Galaxy Digital Files for US Bitcoin Futures ETF
Right now•1 min read•Bitcoin
Mike Novogratz-led Galaxy Digital has filed with U.S. regulators for a bitcoin futures exchange-traded fund (ETF) under the Investment Company Act of 1940.
The fund will invest in futures and will not invest directly in bitcoin, according to the filing. The SEC has yet to approve any of the dozens of applications for ETFs in recent years. Earlier this month SEC Chairman Gary Gensler signaled he preferred ETFs based on bitcoin futures. Bitcoin futures contracts are subject to the rules of the Chicago Mercantile Exchange (CME). In April, Galaxy Digital filed for a bitcoin ETF. Galaxy is the sub-adviser to the CI Galaxy Bitcoin ETF, which has $190 million in assets after launching last month.