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Galaxy Digital Holdings has filed for a new Bitcoin ETF, joining Fidelity, VanEck, NYDIG and others. Galaxy Digital, a cryptocurrency investment firm, hopes to create a Bitcoin ETF on NYSE Arca to "reflect the performance of the Bloomberg Galaxy bitcoin Index (the “Index”), less the Trust’s expenses and other liabilities."

The filing went on to say that "the Trust will hold bitcoin and will value its Shares daily based on the value of the Index, which is calculated based on data from bitcoin pricing sources selected by Bloomberg Index Services Limited."

Galaxy now joins a growing list of firms eager to gain SEC approval for its Bitcoin ETF. More recent competitors in the running include VanEck, whose filing has until April 29 to either be approved, denied or delayed by the SEC, Valkyrie Bitcoin Trust, NYDIG, Fidelity Investments, and Kryptoin Investment Advisors. 

A race to be first to market with such an ETF has brought many to the space, though it is still uncertain when or if a Bitcoin ETF will be approved by the SEC. 

Some analysts have said it could take as long as a year or two for the SEC to come to a decision on the matter. Still, Galaxy Digital has shown hopeful sentiment to the prospect of a Bitcoin ETF. 

In an interview with Bloomberg in February, CEO of Galaxay Digital Holdings Mike Novogratz, said that “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.”

While there has yet to be a Bitcoin ETF on a US exchange, Galaxy Digital already has an ETF listed on the Toronto Stock Exchange called the CI Galaxy Bitcoin ETF.