Galaxy Digital CEO Predicts Approval of Bitcoin ETFs by End of Year
According to Galaxy Digital Holdings CEO Michael Novogratz, spot bitcoin exchange-traded funds (ETFs) will likely be approved by the end of 2023. Novogratz expressed his confidence in an interview on CNBC, stating that “It’s gonna get approved… We think it happens this year, in 2023.”
The pressure for the approval of a spot bitcoin ETF has been increasing, particularly after Grayscale Investments secured a court win in August. The U.S. Court of Appeals for the D.C. Circuit ruled that the Securities and Exchange Commission (SEC) needed to re-review its bid for a spot bitcoin ETF. Although the SEC does not plan on appealing this ruling, the next steps are still unclear.
Novogratz supported his argument by referencing the recent court decision and stated that it “puts SEC on the back foot.” If his prediction comes true, it would benefit Galaxy Digital, which has partnered with Invesco on a spot bitcoin ETF application.
The Mounting Pressure for a Spot Bitcoin ETF
Last month, lawmakers urged SEC Chair Gary Gensler to allow for a spot Bitcoin ETF following the court ruling. They argued that a regulated spot bitcoin ETF would enhance investor protection by providing more transparency and safety in accessing bitcoin. Not only Grayscale but also major financial firms like BlackRock and Fidelity are seeking to offer bitcoin ETF products to their clients.
Novogratz highlighted the public demand for a bitcoin ETF and mentioned that BlackRock, the world’s largest asset manager, is publicly committed to getting it done.
Hot Take: Bitcoin ETF Approval Expected Soon
The approval of spot bitcoin exchange-traded funds (ETFs) is highly anticipated, with Galaxy Digital CEO Michael Novogratz predicting it will happen by the end of this year. This comes after Grayscale Investments won a court case, forcing the Securities and Exchange Commission (SEC) to review its bid for a spot bitcoin ETF. The pressure from lawmakers and major financial firms further supports the likelihood of approval. If Novogratz’s prediction holds true, it would have significant implications for the cryptocurrency market and provide more accessible and regulated investment options for investors.
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