“We’re going to combat similar cats and dogs to triumph marketplace share” erstwhile spot Bitcoin ETFs are approved, Galaxy Digital CEO Mike Novogratz told shareholders.

The United States’ archetypal spot Bitcoin (BTC) exchange-traded money (ETF) could beryllium approved sometime earlier February 2024, according to Galaxy Digital CEO Mike Novogratz — citing sources astatine BlackRock and Invesco.
“It's a big, large deal. It's a large woody due to the fact that some our contacts, from the Invesco broadside and from the BlackRock side, get you to deliberation that this is simply a question of when, not if — that the extracurricular model is astir apt six months,” Novogratz told shareholders during Galaxy’s Aug. 8 Q2 net call, which reported a $46 cardinal nett loss.
“This is astir apt [...] 4 to six months if you had to enactment a ‘pin the process connected the donkey’ connected it, that the SEC is going to o.k. a Bitcoin ETF.”Novogratz’s Galaxy Digital is 1 of the galore contenders for a spot Bitcoin ETF, which it reapplied for successful June successful conjunction with $1.5 trillion plus manager Invesco — the fourth-largest ETF issuer successful the U.S.
According to "contacts" from wrong BlackRock and Invesco spot Bitcoin ETF support a substance of "when, not if" apt successful "four to six months" -- Galaxy CEO Mike Novogratz connected net telephone this greeting pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023Speaking to shareholders, Novogratz said helium didn’t person a remark connected the expected timing of the ETF’s approval, which is an chartless arsenic it sits with the Securities and Exchange Commission.
However, Novogratz believes that once approved, spot Bitcoin ETF issuers specified arsenic BlackRock and Invesco volition beryllium warring bony and nail for marketplace share.
“The quality of some BlackRock filing ETF and rather frankly, Invesco Plus Galaxy, we're going to combat similar cats and dogs to triumph marketplace stock determination erstwhile it gets approved.”In effect to a question, Galaxy Digital president Chris Ferraro added helium wouldn’t beryllium amazed if the SEC ends up approving a imaginable Bitcoin ETF to debar being labeled arsenic “obstructionist.”
“I deliberation that's wherever the imaginable ETF support comes successful saying, hey, you can't telephone america anti-crypto, we conscionable approved an ETF. And truthful we're hoping that that's the aforesaid for our filing," said Ferraro.
Or, adjacent earlier
Meanwhile, immoderate analysts judge the question of spot Bitcoin ETFs could travel adjacent sooner, depending connected however a justice rules successful Grayscale’s suit against the SEC.
Related: ETF expert raises spot Bitcoin ETF support chances successful the US to 65%
Grayscale past twelvemonth sued the SEC for rejecting its exertion to person its Grayscale Bitcoin Trust into a spot ETF.
"If the SEC loses its lawsuit against @Grayscale, arsenic we expect, the way of slightest absorption would beryllium a question of simultaneous approvals for each spot #Bitcoin ETF applicants -- including Grayscale and the different 8 progressive filings." @NYCStein successful @Bloomberg today. Cc @EricBalchunas… pic.twitter.com/k72W6Ek7RK
— Craig Salm (@CraigSalm) August 2, 2023Analysts judge that should the SEC suffer its lawsuit against Grayscale, the “path of slightest resistance” would beryllium simultaneous approvals for respective oregon each spot Bitcoin ETF applicants.
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