After filing with the SEC to receive approval for a Bitcoin ETF in April this year, Galaxy Digital has reportedly tried again – this time, under a different section. Novogratzs company wants to launch a Bitcoin futures-only exchange-traded fund.
Bloomberg‘s senior analyst, Eric Balchunas, took it to Twitter to highlight Galaxy Digital’s latest attempt to release a Bitcoin ETF in the states.
Instead of going with the more traditional way of filing with the SEC under the securities act of 1933, as it did in April 2021, the company has tried a different approach this time – under the securities act of 1940.
The Chair of the Securities and Exchange Commission – Gary Gensler – previously hinted that this route could have a higher chance of receiving the green light. This is why VanEck – another financial giant who has tried more than once with the SEC – filed for a BTC ETF under the 1940 Act recently as well.
Similarly to VanEck, Galaxy Digitals latest attempt will focus on Bitcoin futures only. If approved, it will come with a ticker – Galaxy Bitcoin Strategy ETF.
Its worth noting that the company, founder and run by Mike Novogratz, already has an active Bitcoin ETF.
As reported earlier this year, Canadas securities regulator approved such a product, which launched on the Toronto Stock Exchange on March 9th. Galaxy Digital Capital Management acts as the sub-advisor to CI Global Asset Management.
Additionally, Canada has two more operating BTC ETFs, while the SEC has been reluctant to approve even one. Over a dozen have been rejected, while applications from VanEck and SkyBridge Capital were delayed recently.