“We’re going to fight like cats and dogs to win market share” once spot Bitcoin ETFs are approved, Galaxy Digital CEO Mike Novogratz told shareholders.
The United States’ first spot Bitcoin exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz — citing sources at BlackRock and Invesco.
“It’s a big, big deal. It’s a big deal because 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,” Novogratz told shareholders during Galaxy’s Aug. 8 Q2 earnings call, which reported a $46 million net loss.
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.
Speaking to shareholders, Novogratz said he didn’t have a comment on the expected timing of the ETF’s approval, which is an unknown as it sits with the Securities and Exchange Commission.
However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share.
In response to a question, Galaxy Digital president Chris Ferraro added he wouldn’t be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled as “obstructionist.”
“I think that’s where the potential ETF approval comes in saying, hey, you can’t call us anti-crypto, we just approved an ETF. And so we’re hoping that that’s the same for our filing,” said Ferraro.
Or, even earlier
Meanwhile, some analysts believe the wave of spot Bitcoin ETFs could come even sooner, depending on how a judge rules in Grayscale’s lawsuit against the SEC.
Grayscale last year sued the SEC for rejecting its application to convert its Grayscale Bitcoin Trust into a spot ETF.
Analysts believe that should the SEC lose its case against Grayscale, the “path of least resistance” would be simultaneous approvals for several or all spot Bitcoin ETF applicants.
Source: cointelegraph.com
