Galaxy Digital has filed an ETF for bitcoin (BTC) with the US Securities and Exchange Commission.
According to the Form S-1 released by the SEC on Monday, the Galaxy Bitcoin ETF – if approved – will trade on the NYSE Arca exchange, using the Bloomberg Galaxy Bitcoin Index as the valuation mechanism.
The filing includes more details on the pricing mechanism of the proposed bitcoin ETF:
The index price at the end of the day is calculated using the average price of bitcoin from the Bloomberg Crypto Price Fixing (CFIX). CFIX is based on prices provided by Bloomberg Generic Price (BGN) using Bloomberg data, technology and distribution platforms and is widely available to the investment community to provide a reliable, representative and transparent cryptocurrency fix.
As previously reported by Cointelegraph, Galaxy Digital launched a bitcoin ETF product in the Canadian market last March through its financial services subsidiary.
Galaxy’s bitcoin ETF records do not contain a list of custodians or administrators. Nor did the registration statement contain any information about the trustee outside the Delaware Trust Company entity.
Galaxy Digital’s bitcoin ETF filing follows a similar filing by Fidelity in March.
The Securities and Exchange Commission has yet to approve bitcoin ETFs whose previous management cited volatility and price manipulation.
Meanwhile, the Securities and Exchange Commission has less than two weeks to issue an initial response to VanEck’s application for the bitcoin ETF, after the commission confirmed the application in mid-March.
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