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Galaxy Digital submits Bitcoin ETF application with SEC



Galaxy Digital has submitted a Bitcoin (BTC) exchange-traded fund submitting with america Securities and Trade Fee.

In line with the shape S-1 revealed by the SEC on Monday, the Galaxy Bitcoin ETF — if accredited — will commerce on the NYSE Arca change, with the Bloomberg Galaxy Bitcoin index tapped because the pricing mechanism.

Detailing the worth mechanism for the potential Bitcoin ETF, the submitting reads:

“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.”

As beforehand reported by Cointelegraph, Galaxy Digital, through its monetary providers subsidiary, launched a Bitcoin ETF product within the Canadian market again in March.

Galaxy’s Bitcoin ETF submitting didn’t checklist any custodian or administrator. The submitting doc additionally didn’t present particulars of the trustee past the group being a “Delaware trust company.”

The Bitcoin ETF submitting by Galaxy Digital comes on the heels of an analogous application by Constancy again in March.

The SEC is but to approve any Bitcoin ETF, with the earlier management citing volatility and value manipulation considerations.

In the meantime, the SEC has lower than two weeks to ship its preliminary response to VanEck’s Bitcoin ETF submitting following the fee’s acknowledgment of the submission again in mid-March.

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