Novogratz's Galaxy Digital Crypto Bank Becomes The Latest Company To File For Bitcoin ETF

Galaxy Digital — the crypto asset bank led by former Goldman Sachs executive Michael Novogratz — applied to launch a Bitcoin BTC/USD exchange-traded fund (ETF).

What Happened: According to documents published by the SEC, Galaxy Digital, which is a publicly trading company at Toronto Stock Excahnge, filed with the regulator on April 12 to launch a Bitcoin ETF and list it on the New York Stock Exchange Arca trading platform.

"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," according to the filing.

Why It Matters: Galaxy Digital’s application joins numerous other United States Bitcoin ETF applications. 

Galaxy Digital’s application joins numerous other United States Bitcoin ETF applications.

Fidelity filed its S-1 form on March 25, Scaramucci’s Skybridge Capital applied under a week earlier.

New York Digital Investment group applied in mid-February, and Van Eck gave it a shot at the end of 2020.

All of those applications follow a much more lengthy list of rejections by the SEC. Still, many hope that with Gary Gensler as the Chairman, the crypto industry might see such a product be approved this year.