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Mike Novogratz’s Galaxy Digital Files for Bitcoin Futures ETF, Ready to Oppose SEC Chairman

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Tue, 08/17/2021 - 11:33
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Yuri Molchan
Galaxy Digital cryptocurrency asset manager has filed for a Bitcoin ETF that focuses on futures only
Mike Novogratz’s Galaxy Digital Files for Bitcoin Futures ETF, Ready to Oppose SEC Chairman
Cover image via www.youtube.com

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Chief Bloomberg expert on ETFs Eric Balchunas just shared that Galaxy Digital crypto bank, founded and spearheaded by prominent Bitcoin and Ethereum investor and former Goldman Sachs asset manager Mike Novogratz, has submitted an application to launch a Bitcoin exchange-traded fund (ETF).

According to the filing, this ETF will be focused on BTC futures only and was filed for under the 1940 Act—this is a requirement of the Securities and Exchange Commission and its chairman Gary Gensler.

In his tweet, Balchunas emphasized that this filing is "as Gensler-ready as you can get." According to him, this is the fifth filing for a BTC ETF so far.

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This act regulates closed-end funds and mutual funds and, according to SEC chairman Gensler, offers substantial protection to investors.

On April 12, Galaxy Digital already filed for a Bitcoin ETF under the Securities Act of 1933.

Besides, the company already has a Bitcoin ETF running in Canada—CI Galaxy Bitcoin ETF—among its investor products.

Earlier this month, U.Today reported that similar filings for a Bitcoin ETF had been submitted by VanEch, Invesco and other companies.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.