Galaxy Digital Files for US Bitcoin Futures ETF

The SEC has yet to approve a crypto-based exchange-traded fund.

Aug 17, 2021 at 11:48 a.m. UTC

Updated Sep 14, 2021 at 1:40 p.m. UTC

Galaxy Digital founder and CEO Mike Novogratz

Galaxy Digital, a financial-services firm that is led by ex-hedge fund manager Michael Novogratz, has filed with U.S. regulators for a bitcoin futures exchange-traded fund (ETF).

The fund will invest in futures and will not invest directly in bitcoin, according to the filing with the Securities and Exchange Commission.
The SEC has yet to approve any of the dozens of applications for crypto 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 and which trades on the Toronto Stock Exchange.

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