“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 $29,748 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.
“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.”
Novogratz’s Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset manager Invesco — the fourth-largest ETF issuer in the U.S.
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.
