Galaxy Digital CEO Mike Novogratz has recently spoken about the possibility of a spot Bitcoin ETF being approved in the United States. According to Novogratz, citing sources at BlackRock and Invesco, the first spot Bitcoin ETF could be approved sometime before February 2024.
He believes that the outside window for approval is probably six months, and that the SEC is likely to approve a Bitcoin ETF within four to six months.
Novogratz’s Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset manager Invesco — the fourth-largest ETF issuer in the U.S.
Novogratz told shareholders during Galaxy’s Aug. 8 Q2 earnings call that once spot Bitcoin ETFs are approved, Galaxy Digital will fight like cats and dogs to win market share.
Other top crypto executives, such as Cathie Wood, are also bullish on the approval of spot Bitcoin ETFs. Wood expects the SEC to approve multiple funds all at once. Some analysts believe that the wave of spot Bitcoin ETFs could come even sooner, depending on how a judge rules in Grayscale’s lawsuit against the SEC.
The approval of a Bitcoin ETF would be a big deal for the crypto industry, as it would provide a seal of approval from the SEC and the US government that Bitcoin is an asset. It would also introduce broad adoption of Bitcoin to investors who couldn’t access the asset class previously. The crypto industry eagerly awaits the SEC’s decision on this matter.