Bitcoin ETF Approval Expected In 4-6 Months, Says Galaxy CEO Mike Novogratz

Key Points:

• According to industry insiders, approval of a Bitcoin ETF is expected in 4-6 months.
• BlackRock, Invesco, and Galaxy are among the companies competing for market share in the ETF space.

Approval of Bitcoin ETF is likely in 4-6 months, according to industry insiders—BlackRock, Invesco, and Galaxy among those competing for market share.

The SEC’s decision on Bitcoin spot ETF is expected this week, with a deadline of 45 days to respond following the application being filed. However, there is a strong possibility of a delay being announced.

According to Eric Balchunas, Senior ETF Analyst for Bloomberg, “contacts” from inside BlackRock and Invesco have indicated that spot Bitcoin ETF approval is a matter of “when, not if,” and likely to come in “four to six months.” This sentiment was echoed by Galaxy CEO Mike Novogratz, who stated during an earnings call that approval could be granted within the same timeframe.

The news of both BlackRock filing an ETF and Invesco partnering with Galaxy has created a competitive landscape in which market share will be fiercely fought over. All of these ETFs will essentially do the same thing – hold BTC – so marketing will be crucial. This has been highlighted by Cathie Wood on ETF IQ, stating that “we’re going to fight like cats and dogs for market share.”

The approval of a Bitcoin ETF by the SEC is significant, as Larry, who runs the largest asset manager in the world, BlackRock, with $7 trillion under management, has been talking positively about Bitcoin and the crypto universe.

This is a huge change of heart from where he was five or six years ago, and demonstrates the shift in the institutional world. Once the ETF is approved, it will make it very easy for people to allocate large space allocations.

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