Approval of US Bitcoin ETF Within Reach – Galaxy Digital CEO

Galaxy Digital CEO, Mike Novogratz says the potential approval for a US spot Bitcoin ETF by the SEC is within reach

Mike Novogratz, the CEO of Galaxy Digital, a prominent crypto investment firm, has sparked fervor by stating that the first US Bitcoin Exchange Traded Fund (ETF) might gain approval before February. 

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Novogratz’s assertion is backed by his sources within BlackRock and Invesco, both of which are financial heavyweights that are competing for approvals of a spot Bitcoin ETF.

Significance of Novogratz’s Statement

During Galaxy Digital’s Q2 earnings call, Mike Novogratz emphasized the relevance of a prospective Bitcoin ETF approval. He stated, “It’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and the BlackRock side, get you to think that this is a question of when not if, that the outside window is probably six months.”

Novogratz’s statement not only underlines the potential scale of the approval but also predicts a rather short period for its implementation.

Reapplying for Regulatory Approval

In June, Galaxy Digital and Invesco resubmitted their application for a spot Bitcoin ETF, indicating their steadfast commitment to securing regulatory approval. This action follows prior attempts to obtain approval for such an ETF, demonstrating the industry leaders’ desire to deliver a regulated, accessible, and simple investing choice to the market.

Competition in the ETF Market

The pursuit of a Bitcoin ETF approval has attracted numerous players in the financial sector, each vying to become the first to introduce this groundbreaking investment vehicle to the US. market. 

Despite the uncertain timeline, Novogratz speculates on the fierce competition that will likely unfold among major players in the financial industry once the ETF receives regulatory approval. 

He highlighted that entities like BlackRock and Invesco, with their immense market influence and experience in managing ETFs, are expected to engage in intense competition to secure a substantial share of the emerging spot Bitcoin ETF market.

Impact of Grayscale’s ETF Lawsuit

The ongoing lawsuit between Grayscale and the SEC adds an intriguing layer of uncertainty to the timeline for spot Bitcoin ETF approvals in the United States. Depending on the court’s decision, the crypto landscape could witness an acceleration of ETF approvals, bringing mainstream adoption of digital assets closer than anticipated.

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