Today investors are investing in Galaxy Digital Holdings (OTCMKTS:BRPHF) and BRPHF shares are up approximately 20% at the time of writing. News that Galaxy is chasing one Bitcoin (CCC:BTC-USD) ETF sent stocks on this wild ride today.
Today the crypto craze is in full swing. Retail investors are looking for a way to get involved in this trade. Since most tech-savvy investors in this trade are likely already keeping cryptos in their digital wallets, a number of other investors are looking for an easier way to own Bitcoin.
Enter the rise of bitcoin ETFs. Bitcoin ETFs are not currently approved in the US, but have been on their way in the past few months. Investors have focused on this relatively liquid way of buying and selling Bitcoin. These retail-focused ETFs are likely to continue seeing massive capital inflows if Bitcoin prices remain high. Currently, the price of a single bitcoin is still around $ 60,000. A series of impressive six-digit price targets for Bitcoin has further fueled the hysteria in this sector.
Here you can find out more about today’s announcement and why investors are excited.
Bitcoin ETF is driving investors’ interest in BRPHF stocks today
The announcement that Galaxy Digital has filed with US regulators for a Bitcoin ETF is the main focus of BRPHF stock investors today.
The motion is one of several filings currently under review by the SEC. Today’s report finds that other ETF applications are ahead of this in the queue. Even so, Galaxy has a proven track record of bringing Bitcoin ETFs to market. It has to be on the CI Galaxy Bitcoin ETF started in Canada. This ETF reportedly has $ 190 million in assets upon launch.
While US investors are forced to buy Galaxy shares OTC, Galaxy is currently also aiming for a US listing. The company hopes to be listed later this year. Indeed, this should lead to an inflow of capital into a company with a reasonable proportion of catalysts.
At the time of this writing, Chris MacDonald held positions (neither directly nor indirectly) in the securities identified in this article.