Galaxy Digital CEO Predicts Approval of Bitcoin ETFs
According to Galaxy Digital CEO Michael Novogratz, the U.S. Securities and Exchange Commission (SEC) is expected to approve spot Bitcoin exchange-traded funds (ETFs). Novogratz highlighted the significance of central banking decisions in shaping market trends and expressed confidence in the SEC’s forthcoming approval.
In a recent interview with CNBC, Novogratz mentioned a January 10 deadline for SEC Chairman Gary Gensler, indicating that an ETF approval is likely before that date to avoid legal issues with Grayscale. However, it remains unclear whether Novogratz was specifically referring to Grayscale’s Bitcoin ETF or other applications.
Grayscale CEO Advocates for Simultaneous Approval
Grayscale CEO Michael Sonnenshein believes that the SEC should simultaneously approve all Bitcoin ETF filings to prevent any issuer from gaining an early advantage. Sonnenshein stated that issuers who are ready to launch their products should do so at the same time.
Novogratz Highlights Market Impact of Fed’s Pivot
Novogratz also commented on the impact of the Federal Reserve’s recent announcement, stating that it is important for crypto and the Bitcoin market. He emphasized that the press conference was dovish as expected and that the markets are responding positively to it.
BlackRock Adopts Cash Redemption Model for Bitcoin ETF
BlackRock’s spot Bitcoin ETF has been assigned the ticker IBIT and has shifted to a cash redemption model, aligning with SEC preferences. This model requires transactions in cash for Bitcoin holdings, different from the previously considered “in-kind” model. Other companies, such as ARK Invest and 21Shares, have also adopted this model in their filings.
Hot Take: Bitcoin ETF Approval Expected Soon
Galaxy Digital CEO Michael Novogratz anticipates the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC before January 10. He believes that the Federal Reserve’s recent announcement and the market’s response indicate a positive environment for crypto. Grayscale CEO Michael Sonnenshein also supports the idea of simultaneous approval for all Bitcoin ETF filings to ensure fairness among issuers. The adoption of a cash redemption model by BlackRock and other companies aligns with SEC preferences. Overall, the cryptocurrency market is eagerly awaiting the approval of Bitcoin ETFs, which could have a significant impact on its growth and adoption.
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