9th Bitcoin ETF Filed in the US; Mike Novogratz’s Galaxy Digital Joins the BTC Race

Billionaire Investor Mike Novogratz’s Galaxy Digital has filed with the US SEC for a Bitcoin exchange-traded fund (ETF).

In the ongoing race to get the first Bitcoin ETF in the US, several companies, nine including Fidelity, VanEck, and NYDIG, have filed applications. Two applications are currently under review of the Securities and Exchange Commission while other applications have yet to have their exchange partners file their corresponding ones as well before the review process can be started by the SEC.

Galaxy is already a sub-advisor to the CI Galaxy Bitcoin ETF listed on Toronto Stock Exchange, which currently has just under $200 million in assets. Canada is actually leading North America in Bitcoin ETFs, with the first one ever Purpose Bitcoin ETF (BTCC) already holding 17,013 BTC ($1.24 billion CAD). In Feb., Novogratz said that,

“Crypto is being institutionalized at an accelerating rate, and now an ETF product is showing up in Canada first, it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

Last week, after a year and a half of hiatus, Kryptcoin also filed an amended application for a Bitcoin ETF.

“The Trust will hold bitcoin, process all creations and redemptions in-kind, and accrue its management fee solely in bitcoin,” reads the S-1 filing, which also mentions Gemini as custodian.

This time, the company plans to issue its shares on Cboe BZX Exchange; previously, it was NYSE Arca, just like WisdomTree and VanEck. Cboe has already filed its paperwork with the SEC to provide its services to VanEck’s offering.

There is a growing sense that a Bitcoin ETF might finally arrive in the US thanks to the nominated SEC Chairman Gary Gensler, who has taught courses on cryptocurrency.

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Author: AnTy

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