Galaxy

Bitcoin

Spot

Note

<div class="coinjournal">
 <ul>
  <li>Mike Novogratz expects SEC to approve a Spot Bitcoin ETF this year.</li>
  <li>Barclays analyst does not expect that to be a huge benefit for Coinbase.</li>
  <li>Coinbase stock is currently down over 30% versus its year-to-date high.</li>
 </ul>
 <p><a rel="noopener noreferrer nofollow" title="Mike Novogratz" href="https://thebittimes.com/tag/mike-novogratz.html">Mike Novogratz</a> – the Chief Executive of Galaxy Investment Partners expects the Securities &amp; Exchange Commission to approve a Spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> by the end of this year.</p>
 <h2 id="here-s-what-mike-novogratz-said-today-on-cnbc">Here’s what Mike Novogratz said today on CNBC</h2>
 <p>Last week, the U.S. regulator refrained from appealing a court’s ruling that said it did not have sufficient reason to block Grayscale from converting its flagship trust to an exchange-traded fund.</p>
 <p>Note that Galaxy itself has filed for a Spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> in collaboration with Invesco. On CNBC’s “Squawk Box”, Novogratz said today:</p>
 <blockquote>
  <p>Dialogue with SEC is heading in right direction. It is no longer talking how Bitcoin works. It’s just a recognised macro asset and that’s a huge psychological shift.</p>
 </blockquote>
 <p>The billionaire investor expects a positive news on the ETF front to lead the market higher. Still, Barclays is not entirely convinced that it will be a material catalyst for <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> Global Inc.</p>
 <h2 id="barclays-analyst-shares-his-view-on-coinbase-stock">Barclays analyst shares his view on Coinbase stock</h2>
 <p>Analyst Benjamin Budish told clients in a research note today on Wednesday that approval of a Spot Bitcoin ETF will likely be a “limited” benefit for Coinbase.</p>
 <blockquote>
  <p>It is not clear how successful ETF launches would translate into a meaningful P&amp;L <a rel="noopener noreferrer nofollow" title="benefit" href="https://thebittimes.com/tag/benefit.html">benefit</a> for <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> despite it being an integral service provider.</p>
 </blockquote>
 <p>He agreed that the Nasdaq-listed firm will serve as custodian for four BTC exchange-traded funds (at least) but said it is unlikely to earn significant custodial and prime brokerage fees.</p>
 <p>Barclays has an “underweight” rating on Coinbase stock with a price target of $70 that suggests another 6.0% downside from here. Earlier this week, Cathie Wood – the Founder of Ark Invest also took a positive tone on a Spot Bitcoin ETF approval.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etf-may-be-a-limited-benefit-for-coinbase-stock-barclays-tbt66880.html">https://thebittimes.com/bitcoin-etf-may-be-a-limited-benefit-for-coinbase-stock-barclays-tbt66880.html</a></p>

Bitcoin ETF may be a ‘limited’ benefit for Coinbase stock: Barclays

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