Mike Novogratz's Galaxy Digital Files for Bitcoin ETF

[Cristiano]

Mike Novogratz's Galaxy Digital has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund.

If approved, it will trade on the NYSE Arca exchange. The value of the shares will be based on the Bloomberg Galaxy Bitcoin Index that includes several pricing sources:     

Galaxy Bitcoin ETF (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that trade on NYSE Arca, Inc. (the “Exchange”). The Trust’s investment objective is to reflect the performance of the Bloomberg Galaxy bitcoin Index (the “Index”), less the Trust’s expenses and other liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the value of the Index, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited (the “Index Provider”).

The filing cites a disruption of the internet, amendments to the Bitcoin network, a permanent fork as well as the cryptocurrency's extreme volatility among possible risk factors.

 

The Bitcoin ETF approval queue     
Earlier this year, a slew of major players submitted their Bitcoin ETF proposals to the SEC. Their growing list includes Anthony Scaramucci's SkyBridge Capital, Fidelity Investments, New York Digital Investment Group WisdomTree Investments, and Van Eck Global. There are currently nine active applications. 

The regulator has already started reviewing the proposal of WisdomTree and Van Eck.   

Mike Novogratz's Galaxy Digital Files for Bitcoin ETF
https://cryptonews.net/534230/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared