Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

While the first Bitcoin ETF has made its debut in Canada, the U.S. will be the next — “It’s all part of this accelerating evolution of being a store of value,” says the CEO.


Mike Novogratz’s crypto firm Galaxy Digital is filing for a Bitcoin exchange-traded fund (ETF) through CI Global Asset Management.

The preliminary prospectus dated February 16, 2021, with the securities commissions in each of the provinces and territories of Canada, is still subject to completion or amendment. Galaxy Digital is registered in Canada.

Galaxy Bitcoin ETF (“BTCX” or the “ETF”) will be managed by CI GAM, and Galaxy Digital will act as its Bitcoin sub-advisor and execute trades on behalf of the proposed ETF.

The fund will invest directly in Bitcoin with the holdings of BTC priced using the Bloomberg Galaxy Bitcoin Index, designed to measure the performance of a single Bitcoin traded in US dollars. Novogratz said in an interview,

“Crypto is being institutionalized at an accelerating rate.”

“And now an ETF product is showing up in Canada first; it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

No Bitcoin ETF has been approved in the US yet.

Already, the company's closed-end fund CI Galaxy Bitcoin Fund (TSX: BTCG) is offered by CI GAM trading on the Toronto Stock Exchange in Dec. 2020.

Galaxy’s trading desk is one of the several that are providing BTC for the Purpose Bitcoin ETF, the first-ever approved, which debuted Thursday.

According to Novogratz, following Tesla and MicroStrategy buying Bitcoin, many more companies and pension funds are seeking to do the same.

“All of these stories — and there’s a story every day — really point to a sustainable bull market in crypto,” the billionaire former hedge fund manager said.

The price of Bitcoin surged to a new record high of about $56,600 late on Friday, pushing the market cap of the leading cryptocurrency past $1 trillion for the first time.

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