BlackRock Insiders Believe BTC Spot ETF will be Approved in 6 Months
- BlackRock and Invesco sources believe that the Bitcoin spot ETF approval will come in six months.
- Galaxy Digital CEO Mike Novogratz revealed the estimations at his firm’s Q2, 2023 earnings call.
- Galaxy Digital has posted a loss of $46 million in the second quarter of 2023.
- Novogratz believes that BlackRock and Invesco will be fighting tooth and nail to gain dominance in the market.
BlackRock, the largest asset management firm in the entire world, has recently turned bullish towards the world’s oldest and largest digital asset, Bitcoin (BTC). Interestingly, Mike Novogratz, the CEO of Galaxy Digital, revealed that his sources at Invesco and BlackRock believe that approval for a Bitcoin spot exchange-traded fund (ETF) is coming in the next six months.
Novogratz talked about the Bitcoin spot ETF during the August 8 earnings call for Galaxy Digital, which suffered a net loss of $46 million in the second quarter of 2023. “It’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you to think that this is a question of when, not if—that the outside window is probably six months,” the entrepreneur said.
“This is probably […] four to six months if you had to put a ‘pin the tail on the donkey’ on it, that the SEC is going to approve a Bitcoin ETF,” said Novogratz.
It is crucial to mention here that Mike Novogratz’s Galaxy Digital is one of the multiple firms that have applied for the approval of a Bitcoin spot ETF in the United States. The firm applied for a spot ETF in collaboration with the fourth-largest ETF issuer in the US, Invesco, which currently manages $1.5 trillion in assets.
On the other hand, Novogratz also added that he cannot comment on the estimated time for the approval of a Bitcoin spot ETF because that decision solely relies on the Securities and Exchange Commission. Additionally, not only BlackRock but also some of the leading ETF issuers have entered into surveillance sharing agreements with the largest crypto exchange in the United States, Coinbase, to speed up the process of getting approval.
According to the Galaxy Digital CEO, Invesco and BlackRock will be competing heavily to gain market dominance in the Bitcoin spot ETF sector.
“The news of both the BlackRock filing ETF and, quite frankly, Invesco Plus Galaxy, we’re going to fight like cats and dogs to win market share there once it gets approved,” said Novogratz.
As reported earlier by BitcoinWisdom, Novogratz believes that if passed, the Bitcoin spot ETF will be like a seal of approval from the SEC for the crypto sector. However, he also acknowledged the fact that the SEC has been “stubborn and really tough on crypto.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
