Despite the United States still very reluctant to approve any application for Bitcoin exchange-traded funds (ETFs), many seemingly feel optimistic that the country’s regulators would see the positives of the trading product soon. Galaxy Digital is one of them, becoming the eighth establishment in the country that submitted a BTC ETF application with the US Securities and Exchange Commission (SEC).
As per the firm’s form S-1 submission to the SEC this Monday, Galaxy Digital’s Bitcoin ETF would enable NYSE Arca exchange trading via the Bloomberg Galaxy Bitcoin Index as its pricing framework. Galaxy Digital fully believes that the prospected Trust should provide a cost-effective alternative for shareholders to integrate tactical strategies for asset allocation that utilize BTCs through shares investing rather than the traditional way of directly holding, purchasing, and trading BTC, the application further reads.
Notably, Galaxy’s BTC ETF application did not state any administrator or possible custodian. On top of that, it also did not provide any specific details regarding its trustees – only stating an organization noted as a trust company in Delaware.
As briefly tackled above, several other exchanges are still waiting for their SEC approval – that is, if the regulators do so approve any of them. The long list of US-based businesses hoping to launch the very first BTC ETF in the country includes the New York Digital Investment Group (NYDIG), Scaramucci’s SkyBridge Capital, and the notable ETF provider, VanEck.