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News

Galaxy Digital CEO Novogratz Says SEC Will Approve Bitcoin ETF In 2023

October 18, 2023 - Around 2 mins mins to read

Key Points:

  • Galaxy Digital CEO Novogratz expects the U.S. SEC to approve a Bitcoin spot ETF in 2023.
  • The SEC’s decision not to appeal Grayscale’s victory in converting its Bitcoin trust to an ETF is seen as a significant development.
  • BlackRock’s commitment and growing public demand make the approval of a Bitcoin ETF in the U.S. seem increasingly likely.
Mike Novogratz, the CEO of Galaxy Digital, anticipates that the U.S. Securities and Exchange Commission (SEC) will grant approval for a Bitcoin exchange-traded fund (ETF) this year, as per his recent remarks.
Galaxy Digital CEO Novogratz Says SEC Will Approve Bitcoin ETF In 2023

Galaxy Digital CEO Novogratz Anticipates U.S. SEC Approval for Bitcoin ETF in 2023

In an interview with CNBC, Galaxy Digital CEO Novogratz expressed his confidence in the approval of a Bitcoin spot ETF in 2023, stating, “It’s gonna get approved.” He emphasized the significance of the SEC’s decision not to appeal the ruling in favor of Grayscale Investments LLC in August. This move was considered a pivotal moment in the ETF approval process.

He noted that the constructive dialogue between Bitcoin ETF issuers and the SEC signals a favorable outlook for a spot Bitcoin ETF. Galaxy Digital CEO Novogratz also mentioned that Galaxy Digital is collaborating with Invesco on an application for a Bitcoin ETF.

Positive Developments Propel Bitcoin ETF Towards Approval

The journey toward a Bitcoin ETF has seen promising developments, with BlackRock, the largest asset manager, and its CEO Larry Fink expressing their commitment to making it happen, following numerous inquiries from clients.

Galaxy Digital CEO Novogratz believes that the American public’s demand for a Bitcoin ETF, coupled with the positive discussions between the SEC and ETF issuers, suggests that approval is a matter of “when, not if.”

The cryptocurrency community and investors eagerly await this landmark decision, which could bring a new level of accessibility and exposure to Bitcoin for mainstream investors in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin ETF

Blackrock

Galaxy Digital

Mike Novogratz

SEC

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.