Another crypto equity ETF launches ahead of Galaxy’s US public listing
Galaxy’s Toronto Stock Exchange-listed shares are the seventh-largest holding of a new Grayscale fund
Galaxy CEO Mike Novogratz | Seb Daly / RISE via Sportsfile/"SD4_0064″ (CC license)
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We have a more specific date on when Galaxy Digital intends to (finally) go public in the US. And speaking of crypto-related equities, Grayscale’s launched a new ETF.
First, on Galaxy: The firm is eyeing May 16 for its Nasdaq listing. We reported earlier this month that the SEC “declared effective” the company’s registration statement to do so. There’s still that shareholder meeting to approve the move on May 9.
Galaxy shares have traded on the Toronto Stock Exchange since 2020 and will continue to do so “for a period of time” if and when the Nasdaq listing is finalized, the company says. The new listing will “enable us to attract a broader investor base,” CEO Mike Novogratz said in a statement.
It would seem he’s right given financial pros like to see cash flows, balance sheets, etc. — things bitcoin alone doesn’t offer. And as noted before we’re keeping an eye on the other segment players looking to soon go public (looking at you, Circle and eToro).
On to the Grayscale update, the firm has launched an ETF that invests in companies adopting bitcoin as a treasury asset. Galaxy’s TSX-listed shares are actually the fund’s seventh-largest holding out of the gate. Its top two holdings are Strategy and Tesla, with ~27% and ~17% positions, respectively.
Bitwise launched a similar product in March. That one, too, skews heavily toward MSTR (also at nearly 27%) but opts for Marathon Digital and Riot Platforms as its next-biggest holdings (~11% and ~9%). Less than 2% of the fund’s assets currently go toward Tesla.
That Bitwise offering has just $5 million in AUM after nearly two months on the market; still, these funds’ investable universes are expected to grow quickly. We’ll see what kind of impact that has on the demand for them.
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