“We’re going to fight like cats and dogs to win market share” once spot Bitcoin ETFs are approved, Galaxy Digital CEO Mike Novogratz told shareholders.
The United States’ first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz — citing sources at BlackRock and Invesco.
“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,” Novogratz told shareholders during Galaxy’s Aug. 8 Q2 earnings call, which reported a $46 million net loss.
According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI
— Eric Balchunas (@EricBalchunas) August 8, 2023
Speaking to shareholders, Novogratz said he didn’t have a comment on the expected timing of the ETF’s approval, which is an unknown as it sits with the Securities and Exchange Commission.
However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share.
"If the SEC loses its case against @Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot #Bitcoin ETF applicants — including Grayscale and the other eight active filings." @NYCStein in @Bloomberg today. Cc @EricBalchunas… pic.twitter.com/k72W6Ek7RK
— Craig Salm (@CraigSalm) August 2, 2023
Analysts believe that should the SEC lose its case against Grayscale, the “path of least resistance” would be simultaneous approvals for several or all spot Bitcoin ETF applicants.