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Galaxy Digital, one of the top crypto asset management firms led by Mike Novogratz has become the latest firm to file for a Bitcoin Strategy ETF. There has been a significant spike in the number of companies filing for a Bitcoin Strategy ETF that offers exposure to the Futures market to investors. This is primarily because of the US Securities and Exchange Commission chief Gary Genslerâs comments suggesting a Bitcoin ETF based on the Futures market has a higher chance of approval.
The official filing emphasized that the fund would not directly invest in Bitcoin which is a clear indication of Gary Genslerâs comments.
The fund would be called  Galaxy Bitcoin Strategy ETF and the fund seeks to provide capital appreciation primarily through actively managed exposure to bitcoin futures contracts. The Fund does not invest directly in bitcoin.
Invesco became the first firm to file for a Bitcoin Futures ETF followed by VanEck and now Galaxy Digital. Amid growing Bitcoin demand, the regulatory scrutiny has also increased as SEC and US lawmakers have been demanding appropriate regulations around the crypto market to ensure investor protection.
Will Bitcoin Futures Based ETFs Get the SEC Nod?
Bitcoin proponents were quite confident of seeing the first US-approved Bitcoin ETF this season as the popularity, demand, and market of the top cryptocurrency has seen a significant spike. Back in 2017 when all Bitcoin ETF proposals were rejected by Jay Clayton-led SEC, many thought the marketâs growth would compel regulators to approve the ETF. However, Gensler has hinted that there is no specific timeline for approval and even if the ETF gets approved it would come with strict regulatory policies.
SEC has delayed its decision on three Bitcoin ETFs already including VanEck and Wisdom Tree. Looking at the surge in Bitcoin Futures ETF filing, the chances of physical Bitcoin ETF getting SEC approval have come down significantly.
The post Breaking: Galaxy Digital Becomes Latest Firm to File For Bitcoin Futures ETF appeared first on Coingape.
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