“We’ll work really hard to get a big piece of the market” once regular Bitcoin investment funds are allowed, said Mike Novogratz, the CEO of Galaxy Digital, when talking to the company’s owners.
The USA might approve its first Bitcoin investment fund (ETF) by around February 2024, as said by Mike Novogratz, the CEO of Galaxy Digital. He got this information from BlackRock and Invesco, two big companies.
Novogratz thinks this is a really important thing. Both BlackRock and Invesco seem to believe it’s not a matter of “if,” but “when” the ETF will be approved. He thinks it could take about six months.
Galaxy Digital, run by Novogratz, is trying to get approval for a Bitcoin ETF. They’re working with Invesco, a huge company that handles $1.5 trillion in assets.
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 pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023
Talking to the people who own shares in the company, Novogratz said he couldn’t say when the ETF will get approved. This decision is up to the Securities and Exchange Commission, and nobody knows exactly when it will happen.
Novogratz thinks that when the ETF is allowed, big companies like BlackRock and Invesco will compete very intensely to get a lot of people using their ETFs.
Novogratz said, “Once it gets approved, we’ll work really hard to get a big piece of the market. This is because BlackRock and Invesco have also applied for ETFs.”
The president of Galaxy Digital, Chris Ferraro, said he wouldn’t be surprised if the SEC approves a Bitcoin ETF to avoid being seen as someone who’s stopping progress.
Ferraro said, “I think that’s why they might approve an ETF. They might say, ‘Look, we’re not against cryptocurrencies. We just approved an ETF.’ So, we hope they do the same for us.”
Lawsuit Outcome May Speed Up Bitcoin Investment Funds
There’s a chance that the arrival of Bitcoin investment funds could happen earlier, according to some experts. This might depend on how a judge decides in a legal case involving Grayscale and the SEC. Grayscale, a company, went to court last year because the SEC didn’t agree to let them change their Grayscale Bitcoin Trust into a regular Bitcoin investment fund.
"If the SEC loses its case against @Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot #Bitcoin ETF applicants — including Grayscale and the other eight active filings." @NYCStein in @Bloomberg today. Cc @EricBalchunas… pic.twitter.com/k72W6Ek7RK
— Craig Salm (@CraigSalm) August 2, 2023
Experts think that if the SEC doesn’t win the case against Grayscale, the easiest thing for them to do might be to approve many or all of the requests for Bitcoin investment funds at the same time.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News and Threads App
