- Galaxy Digital files for a Bitcoin futures ETF.
- The SEC is yet to approve this as well as many other requests.
- Canada and Brazil have already approved many ETFs
Galaxy Digital is getting in on the growing popularity of US Bitcoin futures Exchange Traded Funds (ETFs). To do so, its leader — Mike Novogratz, has filed for a Bitcoin futures ETF.
In detail, Galaxy Digital filed it with the US regulator — the Securities and Exchange Commission (SEC). The filing is done under the Investment Company Act of 1940.
Such a fund allows the company to invest in futures instead of a direct investment in Bitcoin. With a futures contract, investors can exercise a set obligation. Once the time comes, a futures contract allows the investor to access the asset in the form of buying and selling. Hence, this is a type of derivative.
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