Today, investors in Galaxy Digital Holdings (OTCMKTS:BRPHF) and BRPHF stock are seeing gains of approximately 20% at the time of writing. News that Galaxy is pursuing a Bitcoin (CCC:BTC-USD) ETF has sent shares on this wild ride today.
Today, the crypto craze is in full swing. Retail investors are looking for any way to pile into this trade. With most technically sophisticated investors already likely in this trade via holding cryptos in their digital wallets, a swath of other investors is seeking an easier route to Bitcoin ownership.
Enter the rise of Bitcoin ETFs. While not currently allowed in the United States, Bitcoin ETFs have taken off in recent months. Investors have piled into this relatively liquid way of buying and selling Bitcoin. These retail-focused ETFs are likely to continue to see massive capital inflows, if Bitcoin prices remain elevated. Currently, the price of a single Bitcoin remains around the $60,000 level. A number of impressive six-figure price targets on Bitcoin has further accelerated the hysteria in this sector.
Here’s more on today’s announcement, and why investors are getting so excited.
Bitcoin ETF Driving Investor Interest in BRPHF Stock Today
The application is one of a number of applications under review by the SEC right now. Today’s report notes that other ETF applications are ahead of this one in the queue. That said, Galaxy has a proven track record in bringing Bitcoin ETFs to market. It has partnered on the CI Galaxy Bitcoin ETF launched in Canada. This ETF reportedly has $190 million in assets post-launch.
While U.S. investors are forced to buy Galaxy shares on the OTC, Galaxy is currently pursuing a U.S. listing as well. The company hopes to have a listing some time this year. Indeed, this should drive capital inflows into a company with its fair share of catalysts today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.