Galaxy Digital, headed by Mike Novogratz, has applied
for a bitcoin futures exchange-traded fund (ETF) under the Investment Company
Act of 1940.
- According to the filing, the fund would invest in
futures rather than bitcoin directly.
- The Securities and Exchange Commission has yet to
accept any of the hundreds of ETF applications filed in recent years.
- SEC Chairman Gary Gensler said earlier this month
that he prefers ETFs based on bitcoin futures.
- The Chicago Mercantile Exchange's regulations apply
to bitcoin futures contracts (CME).
- Galaxy Digital applied for a bitcoin ETF in April.
- Galaxy is the sub-adviser for the CI Galaxy Bitcoin ETF, which debuted last month with $190 million in assets.
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