Bitcoin ETF is 6 Months Away – Black Rock Insider
In Brief
Galaxy Digital CEO Mike Novogratz shared that before February 2024, the first spot Bitcoin exchange-traded fund (ETF) might be approved in the United States. The executive cited asset management companies BlackRock and Invesco as sources.
Once authorized, spot Bitcoin ETF providers like Invesco and BlackRock will fight for market share ” like cats and dogs.”
Galaxy Digital CEO Mike Novogratz shared that before February 2024, the first spot Bitcoin exchange-traded fund (ETF) might be approved in the United States. The executive cited asset management companies BlackRock and Invesco as sources.
During Galaxy Digital’s Q2 earnings call, which took place on August 8, Novogratz reportedly said: “It’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and from the BlackRock side gets you to think that this is a question of when not if, that the outside window is probably six months… four to six months if you had to put a pin the tail on the donkey on the donkey audit.”
On a side note, the company reported a $46 million net loss.
It’s worth noting that Galaxy Digital is one of the contenders for a spot Bitcoin exchange-traded fund. In June this year, the company reapplied for it in partnership with Invesco, which is the fourth-largest issuer of ETFs in the United States.
When asked about the estimated date of the ETF’s acceptance, Novogratz told shareholders that he had nothing to add. This is because the exchange-traded fund is still pending clearance from the Securities and Exchange Commission. At the same time, according to Galaxy Digital’s CEO, once authorized, spot Bitcoin ETF providers like Invesco and BlackRock will be competing for market share: “The news of both 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.”
In July this year, the Securities and Exchange Commission opened a comment period for the public to provide input on Bitcoin ETF filings made by four companies that could potentially lead to wider adoption of Bitcoin and have a positive impact on its price. These submitted filings came from Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy BTC ETF.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
