Galaxy

Bitcoin

<div class="cryptonews"> 
 <p class="is-style-lead">Galaxy Digital’s CEO, Mike Novogratz, emphasizes the transformative <a rel="noopener noreferrer nofollow" title="potential" href="https://thebittimes.com/tag/potential.html">potential</a> of a spot bitcoin ETF in rejuvenating institutional interest.</p> 
 <p>Despite the hurdles faced by the crypto industry in 2022, mainly underscored by the collapse of FTX, Galaxy Digital remains optimistic about the future of Bitcoin and the broader crypto space.</p> 
 <p>CEO Mike Novogratz highlighted during the company’s recent Q2 earnings call that a spot Bitcoin ETF might become the beacon of hope that revives institutional interest in the sector.</p> 
 <p>Lately, there has been widespread speculation about the government’s position on Bitcoin(BTC). Yet, the possible green light for a Bitcoin ETF might be perceived as an implicit nod of approval, bolstering confidence and involvement in the industry.</p> 
 <p>Such a fund would streamline the process for various institutional players, from pension funds to asset managers, to invest in this volatile yet promising domain.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Galaxy Digital CEO Mike Novogratz calls Coinbase's legal fight with the SEC "brave," and says that the Bitcoin community is strong and resilient. <br><br>Tune into "Bloomberg Wealth with David Rubenstein" on Aug 8th 9 pm ET here https://t.co/sgItBI9rMq pic.twitter.com/NINLUujuHr</p>— Bloomberg Crypto (@crypto) August 8, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Novogratz reminisced about the pre-collapse era, pointing out how many institutions were primed to delve into the crypto realm, only to recoil after witnessing its unpredictability. But the mood seems to be shifting.</p> 
 <p>Notably, Galaxy Digital had previously collaborated with Invesco in 2021, hinting at the launch of a bitcoin ETF – a proposal that unfortunately didn’t materialize. In a competitive move, the Cboe BZX Exchange filed for the Invesco Galaxy Bitcoin ETF, shortly after industry giant BlackRock unveiled its ambitions for a similar fund.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC accepts bitcoin ETF applications from BlackRock, Fidelity, Galaxy Digital 
 </div> 
 <p>The US SEC is currently evaluating a slew of products from major players such as Ark Invest, Fidelity, WisdomTree, and VanEck, to name a few. “This isn’t about if, but when,” Novogratz commented, hinting at a six-month window for approvals clarity.</p> 
 <p>Galaxy’s international pursuits are also worth noting. Recently, the company partnered with Germany’s DWS to introduce exchange-traded products to European enthusiasts. Executives from the firm confirmed plans to unveil co-branded cryptocurrency products in Europe by the year’s end.</p> 
 <p>The SEC’s case against Ripple also generated buzz. A federal judge ruled on the ambiguous nature of Ripple’s sales of XRP, challenging the SEC’s stance on its clarity. Novogratz expressed that this might encourage bipartisan efforts in the US, aiming for more comprehensive crypto legislation.</p> 
 <p>Financially, Galaxy reported a Q2 net loss of $46 million, contrasting the $134 million net income of the previous quarter. Despite trading on the Toronto Stock Exchange, Galaxy’s aspirations to list on the Nasdaq as a US entity persist. Reflecting on the last two years, Novogratz expressed his hope for a brighter, more straightforward path.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin ETF to be approved in 6 months, Bloomberg analyst says 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Galaxy Digital’s Novogratz eyes potential in Bitcoin ETF

TheBitTimes

Other articles published on Aug 9, 2023

Binance drops majority of USD Coin reserves — Latest USDC news

Cardano (ADA) and Dogecoin (DOGE) at Risk: VC Spectra’s Stage 2 Presale Steals the Show

Bybit launches wealth management service specialized in crypto

Softbank Stock Price Prediction: Can 9434 Sustain Above ATH?

Marathon Digital discloses $21.3m in losses in Q2

COP Stock Signals Bullishness, Will it Continue to Lift Gains?

Join our free newsletter for daily crypto updates!