Yesterday, Galaxy Digital filed for a bitcoin ETF, according to a new S-1 with the SEC.
The Galaxy Bitcoin ETF filing has named NYSE Arca as being the intended exchange venue. A custodian, administrator, or transfer agent hasn’t been named yet.
Galaxy is trading publicly in Canada and is a sub-advisor to a Canadian Bitcoin ETF offering sponsored by CI Financial, known as the CI Galaxy Bitcoin ETF. The trading of that product began a month ago on the Toronto Stock Exchange.
The product makes use of the Galaxy Bitcoin Index, which is currently owned and calculated by Bloomberg services. In case that the Galaxy Bitcoin ETF receives approval, it would use the same index for its pricing mechanism.
“The Index is designed to measure the performance of a single bitcoin traded in U.S. dollars,” according to the filing.
The end-of-day price of the net asset value of the ETF is determined by the Bloomberg Crypto Price Fixings’ mid-price for bitcoin. It is basically a “simple average” taking into account the price of Bitcoin by using inputs from real-time pricing sources.
Source: TheBlockCrypto.Com