Mike Novogratz, CEO of Galaxy Digital, expressed optimism with the approval of a bitcoin ETF (Exchange Traded Fund).
On a corporate earnings conference call, Novogratz expressed confidence in the imminent approval of such a financial instrument, claiming that ongoing discussions with major market players such as Invesco and BlackRock indicate that approval is only a matter of time.
“It’s a big deal because both our contact on the Invesco side and the BlackRock side makes you think that this is a matter of when, not if, and that the external window is probably six months.”
Galaxy Digital, which has also filed its own bitcoin ETF filing, is determined to capture a significant portion of this emerging market. “We will fight like cats and dogs to gain market share once approved”declared Novogratz, demonstrating the intensity of the expected competition.
The bitcoin ETF market is saturated with requests. Ten years after the filing of the first filing in 2013, the Securities and Exchange Commission (SEC) has not given a green light to any of the proposals.
However, Grayscale, one of the interested parties, has upped the ante in the litigation by taking the case to court, suggesting there may be a game changer.
The recent bitcoin ETF filing by global asset management giant BlackRock has caused quite a stir in the financial industry. The company rarely sees its applications rejected, fueling speculation about possible foreknowledge that the SEC could finally grant such approval.
For Novogratz, the SEC seal would mark a milestone for bitcoin’s adoption in the traditional financial scenario: “Once we have the ETF, it becomes very easy for people to make big allocations in space”.
The positive signal from the government, he pointed out, would enable pension funds and asset managers to invest in bitcoin more quickly and with greater confidence.
This possible turn of events indicates not only a maturation of the cryptocurrency market, but also the growing acceptance of bitcoin as a legitimate and viable asset for major institutional investors.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
