Galaxy Digital Applied for Bitcoin ETF

by in Cryptocurrency News

Galaxy Digital Bitcoin ETF

On April 12, financial services provider Galaxy Digital introduced an appeal with the SEC for a Bitcoin ETF. If authorized the product will be offered on the stocks and options market NYSE Arca previously known as ArcaEx. Its rate will be estimated through Bloomberg Galaxy Crypto Index.

Related: MicroStrategy's Board of Directors to be Paid in BTC

The firm led by Mike Novogratz trades in Canada and it is the sub-adviser to the third Bitcoin-based ETF, CI Galaxy Bitcoin ETF. Released this March, the product holds $190 M in assets.

With Galaxy Digital's appeal, the entire number of Bitcoin ETF requests introduced to the SEC reached 8. Beforehand, VanEck, Bitwise, Valkyrie Digital Assets, NYDIG, WisdomTree, and Fidelity presented such forms. The agency began to view the forms of VanEck and WisdomTree.

Additionally, leading digital currency asset manager Grayscale filed a paper to turn its BTC Trust (GBTC) into an ETF.

The demand for BTC is high. Presently the coin trades at above $61.400 with a market cap of over $1.1 trillion. As for the market cap of all cryptocurrencies it surpassed $2.11 T. Galaxy Digital's The Chief Executive Officer Michael Novogratz predicted earlier he expects the price of BTC to go higher than $100.000 by the end of 2021.