BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz

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The USA’ first spot Bitcoin (BTC) exchange-traded fund (ETF) may very well be accepted someday earlier than February 2024, in response to Galaxy Digital CEO Mike Novogratz — citing sources at BlackRock and Invesco. 

“It is a huge, huge deal. It is a huge deal as a result of each our contacts, from the Invesco aspect and from the BlackRock aspect, get you to assume that this can be a query of when, not if — that the skin window might be six months,” Novogratz informed shareholders throughout Galaxy’s Aug. 8 Q2 earnings name, which reported a $46 million internet loss.

“That is most likely […] 4 to 6 months in the event you needed to put a ‘pin the tail on the donkey’ on it, that the SEC goes to approve a Bitcoin ETF.”

Novogratz’s Galaxy Digital is among the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset supervisor Invesco — the fourth-largest ETF issuer within the U.S.

Talking to shareholders, Novogratz mentioned he didn’t have a touch upon the anticipated timing of the ETF’s approval, which is an unknown because it sits with the Securities and Trade Fee.

Nevertheless, Novogratz believes that once approved, spot Bitcoin ETF issuers resembling BlackRock and Invesco will likely be combating tooth and nail for market share.

“The information of each BlackRock submitting ETF and fairly frankly, Invesco Plus Galaxy, we’ll combat like cats and canines to win market share there as soon as it will get accepted.”

In response to a query, Galaxy Digital president Chris Ferraro added he wouldn’t be shocked if the SEC finally ends up approving a potential Bitcoin ETF to keep away from being labeled as “obstructionist.”

“I believe that is the place the potential ETF approval is available in saying, hey, you’ll be able to’t name us anti-crypto, we simply accepted an ETF. And so we’re hoping that that is the identical for our submitting,” mentioned Ferraro.

Or, even earlier

In the meantime, some analysts consider the wave of spot Bitcoin ETFs may come even sooner, relying on how a choose guidelines in Grayscale’s lawsuit towards the SEC.

Associated: ETF analyst raises spot Bitcoin ETF approval chances in the US to 65%

Grayscale final 12 months sued the SEC for rejecting its utility to transform its Grayscale Bitcoin Belief right into a spot ETF.

Analysts consider that ought to the SEC lose its case towards Grayscale, the “path of least resistance” can be simultaneous approvals for a number of or all spot Bitcoin ETF candidates.

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