Mike Novogratz’s Galaxy Digital Files for Bitcoin ETF

Mike Novogratz’s Galaxy Digital Files for Bitcoin ETF
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Alex Dovbnya

Galaxy Digital has filed for a Bitcoin exchange-traded fund

Mike Novogratz’s Galaxy Digital has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin exchange-traded fund. 

If approved, it will trade on the NYSE Arca exchange. The value of the shares will be based on the Bloomberg Galaxy Bitcoin Index that includes several pricing sources:      

Galaxy Bitcoin ETF (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that trade on NYSE Arca, Inc. (the “Exchange”). The Trust’s investment objective is to reflect the performance of the Bloomberg Galaxy bitcoin Index (the “Index”), less the Trust’s expenses and other liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the value of the Index, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited (the “Index Provider”).

This is a developing story. Stay tuned for updates.     

editorial staff