BlackRock is confident Bitcoin ETF will launch within six months
BlackRock is confident Bitcoin ETF will launch within six months
Galaxy Digital CEO Michael Novogratz is confident that a spot Bitcoin exchange-traded fund (ETF) could be approved within six months, before February 2024.
Galaxy Digital, like many other companies, refiled for a spot Bitcoin ETF in June, along with Invesco Investment Fund, the fourth-largest ETF issuer in the U.S.
During a conference call with Galaxy shareholders in August, Mr. Novogratz, citing some insider "contacts" at BlackRock, said that the approval of the spot Bitcoin ETF by BlackRock and Invesco was a matter of "when, not if".
He also added that the approval of the first Bitcoin ETF will take no more than four to six months. The crypto community is optimistic on this issue after the filing of new supplemental applications with the SEC for a spot Bitcoin ETF. Expectations have risen sharply as many financial giants have joined the filings.
As Eric Balchunas wrote on X (Twitter), Novogratz said, "It's a big, big deal because both our contacts on the Invesco side and on the BlackRock side make you think it's a matter of when, not if. The timeframe is probably six months."
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Cathie Wood previously reported that the SEC will release its opinion on Ark Invest's application for a spot Bitcoin ETF on August 13. "August 13 will come and go. I think the SEC, if it's going to approve a Bitcoin ETF, will approve multiple applications at once because most of them are essentially the same."
Meanwhile, market analysts disagree with this timeline and believe that the SEC is likely to further delay its verdict on the same.
Also read: Huobi sees a sharp rise in USDT reserves.
