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Galaxy Digital Files for US Bitcoin Futures ETF
The SEC has yet to approve a crypto-based exchange-traded fund.
Updated Sep 14, 2021, 1:40 p.m. Published Aug 17, 2021, 11:48 a.m.
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Galaxy Digital, a financial-services firm that is led by ex-hedge fund manager Michael Novogratz, has filed with U.S. regulators for a bitcoin futures exchange-traded fund (ETF).
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- The fund will invest in futures and will not invest directly in bitcoin, according to the filing with the Securities and Exchange Commission.
- The SEC has yet to approve any of the dozens of applications for crypto ETFs in recent years.
- Earlier this month SEC Chairman Gary Gensler signaled he preferred ETFs based on bitcoin futures.
- Bitcoin futures contracts are subject to the rules of the Chicago Mercantile Exchange (CME).
- In April, Galaxy Digital filed for a bitcoin ETF.
- Galaxy is the sub-adviser to the CI Galaxy Bitcoin ETF, which has $190 million in assets and which trades on the Toronto Stock Exchange.
Read more: Splashy Canadian Bitcoin ETF Sees Inflows Slow as Price Drops
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- Cathie Wood argues that bitcoin is a hedge not only against inflation but also against a coming wave of technology-driven, productivity-led deflation.
- She says rapid cost declines in artificial intelligence and other exponential technologies will trigger "deflationary chaos" that traditional financial institutions and the Federal Reserve are unprepared for.
- In her view, bitcoin’s decentralized design and fixed supply make it a safer alternative to fragile, debt-based financial systems that could be strained by deflation and disrupted business models.
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