Insider Sources Indicate Bitcoin ETF Approval Looms Within Six Months – BlackRock Insights
In Brief
During his comments, Mike Novogratz pointed out that, based on info from reputable asset management firms like BlackRock and Invesco, the approval for the first spot Bitcoin ETF is more a matter of timing than possibility, likely arriving in the next four to six months.
Once the spot Bitcoin ETF receives the green light, providers such as Invesco and BlackRock will fiercely compete for market dominance as if they were 'fighting like cats and dogs.'
During his comments, Mike Novogratz pointed out that, based on info from reputable asset management firms like BlackRock and Invesco, the approval for the first spot Bitcoin ETF is more a matter of timing than possibility, likely arriving in the next four to six months.
Mike Novogratz shared insights during Galaxy Digital’s earnings call on August 8, mentioning, “This development is monumental. Based on our discussions with both Invesco and BlackRock, it seems it's only a matter of time, with a time frame of approximately four to six months for the approval.” said On a related note, Galaxy Digital reported a net loss of $46 million.
It's significant to recognize that Galaxy Digital is actively pursuing a spot Bitcoin ETF. Earlier in June, the firm refiled its application in collaboration with Invesco, the fourth largest ETF provider in the U.S.
When shareholders inquired about when the ETF might get the green light, Novogratz stated that there was nothing new to share since the fund was still awaiting clearance from the SEC. However, he stressed that once approved, both BlackRock and Invesco would vigorously compete for market share: “The excitement surrounding both BlackRock’s ETF filing and the collaboration with Invesco and Galaxy means we’re ready for a fierce market battle once it’s approved.”
Mike Novogratz mentioned during the earnings call that industry insiders believe the spot Bitcoin ETF's approval is a ticking clock, suggesting it could be finalized in a span of four to six months.
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In line with the Trust Project guidelines Holding a Master's degree in Public Communications, Valeria is also pursuing a second degree in International Business Management. In her free time, she indulges in photography and fashion styling. Her journey into journalism and style began at 13 when she launched her first fashion blog.
