BlackRock insider: Bitcoin ETF may be 6 months away

Author: FELIX NG, COINTELEGRAPH; Compiler: Songxue, Jinse Finance

Citing sources from BlackRock and Invesco, Galaxy Digital CEO Mike Novogratz said **the first U.S. spot bitcoin exchange-traded fund (ETF) could launch on Approved by February. **

"It's a big deal because the people we're connecting with from Invesco and BlackRock make you think it's a time," Novogratz told shareholders during Galaxy's second-quarter earnings call on Aug. 8. The question, not the if—could be six months.” During its second-quarter earnings call, the digital asset firm reported a net loss of $46 million.

"If you had to 'pin the tail on the donkey,' it could take four to six months for the SEC to approve a bitcoin ETF."

Novogratz’s Galaxy Digital is one of many contenders for a spot bitcoin ETF, reapplying for bitcoin in June, along with $1.5 trillion asset manager Invesco, the fourth-largest U.S. ETF issuer. ETFs.

Speaking to shareholders, Novogratz said he had no comment on the expected timing of the ETF approval because it was unclear whether the ETF would receive SEC approval.

However, **Novogratz believes that once approved, spot bitcoin ETF issuers such as BlackRock and Invesco will do their best to compete for market share. **

"The news of the ETF submission from BlackRock and, frankly, the Invesco Plus Galaxy, once approved, we're going to be fighting like cats and dogs to win market share there."

Galaxy Digital president Chris Ferraro added in response to questions that he wouldn't be surprised if the SEC ultimately approves a potential bitcoin ETF to avoid being labeled a "blocker."

"I think that's what the underlying point of the ETF approval is, you can't call us anti-crypto, we just got an ETF approved. So we want our application to be the same," Ferraro said.

ETF may come sooner

At the same time, ** some analysts believe that the wave of spot bitcoin ETFs may come sooner, depending on the judge's ruling in the Grayscale v. SEC lawsuit. **

Grayscale sued the SEC last year, denying its application to convert the Grayscale Bitcoin Trust into a spot ETF.

Analysts believe that if the SEC loses the lawsuit against Grayscale, the path of least resistance would be to approve multiple or all spot bitcoin ETF applicants at the same time.