Insider Intel: Bitcoin ETF Approval Expected in 4-6 Months, Says Galaxy CEO

Amidst the landscape of rising anticipation, two influential figures cast insider information on their bullish predictions regarding the approval of a spot bitcoin exchange-traded fund (ETF).

Mike Novogratz, the CEO of Galaxy Digital, shares an optimistic outlook on the imminent green light for these ETFs.

Novogratz’s statements, conveyed during his company’s earnings call, further affirm the industry’s expectations.

Citing reliable sources within BlackRock and Invesco, he confidently states that it’s not a matter of “if” but “when” one of the eight pending applications for a spot bitcoin ETF will earn the SEC’s endorsement.

Novogratz’s insights provide a timeline, suggesting a window of about “four to six months” for the awaited approval.

Expressing his anticipation, Novogratz stated, “We’re going to fight like cats and dogs to win market share there once it gets approved. It’s a big deal because both our contacts from the Invesco side and from the BlackRock side get you to think that this is a question of when, not if, and that the outside window of this is probably six months.”

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI

— Eric Balchunas (@EricBalchunas) August 8, 2023

Cathie Wood, the visionary CEO of Ark Invest, on the other hand, shared her insight during a Bloomberg TV interview and offered the perspective that the SEC’s decision could transcend a series of approvals, possibly showing green lights for multiple BTC ETFs.

She envisions a scenario where the SEC goes through a series of approvals, a move that could potentially reshape the landscape of cryptocurrency investment.

SEC Historical Stance on Bitcoin ETFs Has Always Be Rejections

The U.S. Securities and Exchange Commission (SEC) has played a significant role in the cryptocurrency realm, accepting applications from six (6) prominent firms, including BlackRock, to create spot bitcoin exchange-traded funds (ETFs).

This marks the initial stage in the SEC’s comprehensive assessment process, a crucial determinant of whether these proposed ETFs will receive regulatory approval.

Bitwise, VanEck, WisdomTree, Fidelity, and Invesco, also submitted formal applications alongside BlackRock for their respective spot BTC ETFs.

The SEC’s historical stance on this matter has been marked by a series of rejections of spot bitcoin ETF applications, with concerns revolving around anti-fraud and investor protection criteria.

The introduction of the first bitcoin futures ETF in October 2021 has set the stage for this new wave of spot ETF applications. This precedent was instrumental in driving bitcoin’s value to an unprecedented peak of $69,000 in November 2021, signifying the growing influence of ETFs on cryptocurrency.

The insights from Wood and Novogratz show a growing consensus that the crypto community is awaiting the SEC’s decision and eager to witness how these ETFs could reshape the accessibility and appeal of bitcoin investments.

NB: Any Information provided here is NOT FINANCIAL ADVICE. Do Your Own Research before making any Financial Decisions.