Galaxy

Bitcoin

Insiders from BlackRock, the world’s largest asset manager, and Invesco, a leading global investment management firm, have given investors something to look forward to in the cryptocurrency space. 
According to reports, they are anticipating approval of a spot Bitcoin Exchange-Traded Fund (ETF) within the next six months. 
<blockquote class="twitter-tweet"> 
 According to “contacts” from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of “when, not if” likely in “four to six months” — Galaxy CEO Mike Novogratz on earnings call this morning <a href="https://t.co/TIhHC7xnHI" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/TIhHC7xnHI</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1688916620473946114?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 8, 2023</a> 
</blockquote> 
Citing inside sources from <a href="https://crypto.ro/en/news/blackrock-ceo-larry-fink-foresees-bitcoin-revolutionizing-finance/" rel="noopener noreferrer nofollow">BlackRock </a>and Invesco, Novogratz delivers a clear message: the Bitcoin ETF is a question of ‘when,’ not ‘if’. 
Galaxy Digital CEO Mike Novogratz, a well-known figure in the crypto industry, has also echoed this sentiment, addressing shareholders during Galaxy’s Q2 earnings call on August 8 – a call that highlighted a net loss of $46 million for the digital assets firm – Novogratz indicated a possible four to six-month timeframe for the <a href="https://crypto.ro/en/news/sec-embraces-two-bitcoin-etf-proposals-in-a-single-week/" rel="noopener noreferrer nofollow">U.S. Securities and Exchange Commission (SEC) to give the green light to a Bitcoin ETF</a>. 
Galaxy Digital teamed up with Invesco, the U.S.’s fourth-largest ETF issuer, signifies a strategic move. Their June reapplication for a spot Bitcoin ETF further emphasizes their preparedness to capitalize on this imminent market disruption. 
<a href="https://crypto.ro/en/dictionary/cathie-wood/" rel="noopener noreferrer nofollow">Cathie Wood</a>, founder of ARK Investment Management, has also voiced her expectations of the SEC approving multiple Bitcoin ETFs at once. Her firm’s application for a spot Bitcoin ETF is currently under review, with a ruling expected soon. 
There are nine active Bitcoin spot ETF applications awaiting SEC approval. The first Bitcoin futures ETF was approved in October 2021, which contributed to Bitcoin reaching an all-time high of $69,000 in November. The chances of a spot Bitcoin ETF being approved have now increased to 65%. 
Undoubtedly, a Bitcoin ETF’s green signal from the SEC will ignite intense competition. While Novogratz refrained from speculating on the exact timeline for the ETF’s approval, he pulled no punches regarding his vision. 
<blockquote> 
 “When the gates open, heavyweights like BlackRock, Invesco, and us at Galaxy Digital will jostle fiercely to conquer the most substantial market share,” Novogratz asserted. 
</blockquote> 
Galaxy Digital president, Chris Ferraro, weighed in on the conversation, indicating the SEC might expedite a Bitcoin ETF approval to dispel notions of being ‘anti-crypto.’ 
<blockquote> 
 “An approval speaks louder than words, showcasing the SEC’s adaptability and openness to the evolving financial landscape,” Ferraro opined. 
</blockquote> 
<h2 id="the-grayscale-lawsuit-a-potential-catalyst">The Grayscale lawsuit: A potential catalyst?</h2> 
But while the industry is abuzz with speculations, the <a href="https://crypto.ro/en/news/oral-arguments-in-grayscales-lawsuit-against-the-sec-to-be-heard-in-court-in-march/" rel="noopener noreferrer nofollow">Grayscale lawsuit</a> looms large. Last year, Grayscale took the SEC head-on after its bid to morph the Grayscale Bitcoin Trust into a spot ETF met with rejection. 
Analysts predict that a verdict in Grayscale’s favor could potentially fast-track approvals for other spot Bitcoin ETF contenders. Such a scenario would undoubtedly add a dramatic twist, propelling multiple spot Bitcoin ETFs into the market almost simultaneously.

A new dawn for Bitcoin ETFs? BlackRock insiders, Novogratz, and Cathie Wood anticipate imminent approval

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