Aug 09, 2023

Crypto Market Insiders Say Bitcoin ETF Just 6 Months Away: Novogratz

Crypto Market Today: Insiders Say Bitcoin ETF Likely 6 Months Away - Novogratz
BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz

The United States may witness its first Bitcoin (BTC) exchange-traded fund (ETF) getting approved before February, according to Mike Novogratz, CEO of Galaxy Digital, citing sources from BlackRock and Invesco.

“It’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and from the BlackRock side, make us think that this is a question of when, not if — that the outside window is probably six months,” Novogratz said during Galaxy’s Aug. 8 Q2 earnings call, where the digital asset company reported a $46 million net loss.

Galaxy Digital, one of the many contenders for a spot Bitcoin ETF, reapplied for it in June in conjunction with $1.5 trillion asset manager Invesco — the fourth-largest ETF issuer in the U.S.

Novogratz did not comment on the expected timing of the ETF’s approval, which is an unknown as it sits with the Securities and Exchange Commission.

However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be competing fiercely for crypto market share.

In response to a question, Galaxy Digital president Chris Ferraro added he wouldn’t be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled as “obstructionist.”

“I think that’s where the potential ETF approval comes in saying, hey, you can’t call us anti-US crypto, we just approved an ETF. And so we’re hoping that that’s the same for our filing,” said Ferraro.

An ETF could come even earlier

Grayscale’s lawsuit against the SEC could result in a wave of spot Bitcoin ETFs coming sooner than expected. The investment firm had applied to convert its Grayscale Bitcoin Trust into a spot ETF, but the SEC rejected it. Should the SEC lose the case, analysts believe simultaneous approvals for all spot Bitcoin ETF applicants is the most likely outcome.

Investors interested in crypto market, SEC crypto, and how to invest in web 3.0 should keep an eye out for when web 3.0 is released. Big Eyes Crypto, the Apple Health application, and are all web 3.0 applications that integrate features such as US crypto and crypto market today.

Journeys: Hervé Larren on Bitcoin, Apes and the psychology of ‘blue-chip’ NFTs

Share this article