According to BlackRock insiders, a bitcoin ETF is probably 6 months away: Novogratz

According to BlackRock insiders, a bitcoin ETF is probably 6 months away: Novogratz

According to Galaxy Digital CEO Mike Novogratz, reporting sources black Rock I invescoAmerica’s first spot bitcoin (BTC) exchange-traded fund (ETF) may be approved before February.

“It’s a big deal. It’s important because both of our contacts, on both sides of Invesco and BlackRock, suggest it’s a matter of when, not if, and the time window is probably six months.Novogratz told shareholders on Galaxy’s second-quarter earnings call, during which the digital asset firm Recorded a net loss of $46 million.

“Probably (…) in four or six months, if I had to put my finger on it, that the SEC is going to approve a bitcoin ETF.”

Novogratz’s Galaxy Digital is a contender for the bitcoin spot ETF it reapplied for in June with the partnership invesco from asset manager $1.5 trillion and the fourth largest ETF issuer in the US.

Spot bitcoin ETF approval is a matter of “when, if not if,” according to “contacts” inside BlackRock and Invesco – Galaxy CEO Mike Novogratz on Useful This Morning

— Eric Balchanas (@EricBalchanas) 8 August 2023

Speaking to shareholders, Novogratz said he has no comment on the expected timeline for approval of the ETF, which is unknown as it is pending approval by the Securities and Exchange Commission.

However, Novogratz believes that, once approved, spot bitcoin ETF issuers such as BlackRock and Invesco will They will fight to the death for market share.

“The news of the unveiling of BlackRock’s ETF and obviously Invesco Plus Galaxy will have us fighting like dogs and cats for market share.”

In answer to a question, chris ferraroThe chairman of Galaxy Digital said he would not be surprised if the SEC approves a potential bitcoin ETF to avoid the label. “Filibuster”.

“I think the ETF approval is the starting point to be able to say, ‘Hey, you can’t call us anti-crypto, we just approved an ETF’, Let’s hope the same will be the case with our document”Ferraro said.

ETF may come even sooner

Meanwhile, some analysts believe that the wave of spot bitcoin ETFs could be coming even sooner, depending on how you pronounce that. The judge in Grayscale’s lawsuit against the SEC.

Connected: One ETF analyst has raised the chances of approval of a spot bitcoin ETF in the US to 65%.

Grayscale sued the SEC last year for denying its request To convert Grayscale Bitcoin Trust to Spot ETF.

“If the SEC Loses the Case @grayscaleAs we expect, the simplest scenario would be a wave of simultaneous approvals for all ETF applicants. #bitcoin Spot, which includes Grayscale and eight other active repositories.” @NYCStein A @bloomberg Today. copy @ericbalchunas,

— Craig Salm (@CraigSalm) 2 August 2023

Analysts believe that if the SEC loses the case against Grayscale, the easiest path would be to approve all or several candidates for the Spot Bitcoin ETF at once.

Translation by Matteo Caron





Leave a Reply

Your email address will not be published. Required fields are marked *