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Mike Novogratz, the CEO of Galaxy Digital, recently unveiled his expectations regarding the approval of a Bitcoin (BTC) exchange-traded fund (ETF) in the United States. Drawing upon insights gleaned from discussions with financial leaders at BlackRock and Invesco, Novogratz shared his forecast during Galaxy's Q2 earnings call, where the company reported a net loss of $46 million.
Relying on the information shared with him, Novogratz indicates that the approval for a Bitcoin ETF could be on the horizon, estimating a timeline of approximately four to six months. His confidence is bolstered by the positive sentiment he received from his contacts at both BlackRock and Invesco.
Galaxy Digital, under Novogratz's leadership, has actively pursued the much-desired approval for a Bitcoin ETF. Collaborating with Invesco, a distinguished ETF issuer boasting assets totaling $1.5 trillion, the company resubmitted their application in June. While Novogratz refrained from speculating on a specific approval date during the shareholder meeting, the ultimate decision lies with the Securities and Exchange Commission (SEC).
Anticipate intense competition upon approval, as heavyweight spot Bitcoin ETF issuers like BlackRock and Invesco vie for supremacy within this nascent market segment. Novogratz candidly expressed his company's determination, underscoring their commitment to compete fiercely with rivals to secure a robust market presence.
Moreover, Chris Ferraro, President of Galaxy Digital, provided his perspective. Ferraro hinted that the SEC may be inclined to green-light a Bitcoin ETF, in order to avoid appearing resistant or unsupportive of the crypto industry's growth.
Adding a layer of complexity to this evolving narrative is the SEC's legal battle with Grayscale. The previous year saw Grayscale contesting the SEC's rejection of their proposal to transform the Grayscale Bitcoin Trust into a spot ETF. Should Grayscale emerge victorious in their legal challenge against the SEC, it could potentially expedite the approval process for numerous aspiring spot Bitcoin ETFs.
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