Novogratz’s Galaxy Digital Crypto Bank becomes latest company to deposit for Bitcoin ETF

Galaxy Digital – the crypto asset bank run by former Goldman Sachs executive Michael Novogratz – has requested the launch of a Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF).

What happened: According to published documents by the SEC, Galaxy Digital, which is a publicly traded Toronto Stock Excahnge company, filed with the regulator on April 12 to launch a Bitcoin ETF and list it on the New York Stock Exchange’s Arca trading platform .

“The end-of-day index price is calculated using the Bloomberg Crypto Price Fixings (“ CFIX ”) average price for bitcoin.

CFIX is based on the prices provided by the Bloomberg Generic Price (“BGN”) using Bloomberg’s data, technology and distribution platforms, and is made widely available to the investment community for the purpose of provide reliable, representative and transparent cryptocurrency fixings, “according to the filing.

Why is this important: Galaxy Digital’s app joins many other US Bitcoin ETF apps.

Galaxy Digital’s app joins many other US Bitcoin ETF apps.

Fidelity filed its Form S-1 on March 25, Skybridge Capital of Scaramucci applied less than a week earlier.

New York Digital Investment Group applied in mid-February, and Van Eck tried it at the end of 2020.

All of these requests follow a much longer list of SEC rejections. Still, many are hoping that with Gary Gensler as chairman, the crypto industry could see such a product approved this year.