Galaxy Digital CEO Mike Novogratz is optimistic that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. The executive cited his contacts at Blackrock, the world’s largest asset manager, and investment management firm Invesco. Both companies have filed to launch a bitcoin ETF with the SEC.
Novogratz Discusses Spot Bitcoin ETF Approval, Says Ripple Ruling Is ‘a Big Deal’
The CEO of Galaxy Digital Holdings, Mike Novogratz, revealed during his company’s Q2 earnings call on Tuesday that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months.
Commenting on the likelihood of the SEC greenlighting spot bitcoin ETF filings by Blackrock and Invesco, Novogratz shared:
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, that the outside window is probably six months.
The Galaxy Digital executive added that it may take “four to six months if you had to put a ‘pin the tail on the donkey’ on it that the SEC is going to approve a bitcoin ETF.”
In June, Blackrock filed to launch a spot bitcoin trust ETF. Blackrock CEO Larry Fink explained that the asset manager is seeking to democratize crypto. He believes that crypto will “transcend any one currency.”
Novogratz further said on Tuesday’s earnings call: “It’s significant that Larry Fink who runs the largest asset manager in the world — Blackrock runs $7 trillion — is out, having been orange pilled, talking very positive about bitcoin and the crypto universe, bitcoin as the first global money. That’s a huge change of heart from where he was, five, six years ago, where the institutional world was.” Novogratz opined:
Once we get this ETF … it just makes it very easy for people to make large allocations into the space.
Invesco and Galaxy Digital partnered last September to offer investors exposure to a range of products in the digital asset ecosystem. According to Bloomberg analysts specializing in ETFs, the likelihood of the SEC approving a spot bitcoin ETF in the U.S. has surged to 65%.
Novogratz also explained the significance of the Ripple ruling, stating:
It’s a big deal, mostly because the SEC and Gary Gensler have been saying over and over: ‘Hey, the rules are clear. Just come in and register.’
However, the Galaxy Digital boss pointed out that District Judge Analisa Torres “made it really clear, the rules aren’t clear,” emphasizing that “They’re nothing close to clear.” Novogratz added that in his opinion, the Ripple decision “pressures the Democrats to finally come to the table with the Republicans and try to put forward some legislation to give us clarity.”
On Wednesday, the SEC informed Judge Torres that it intends to file an appeal to her ruling in the SEC v. Ripple case regarding XRP. The securities regulator also seeks a stay of court proceedings.
What do you think about the statements by Galaxy Digital CEO Mike Novogratz? Let us know in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments