A BlackRock and Invesco spot Bitcoin ETF approval is a matter of “when, not if,” according to Galaxy Digital’s Mike Novogratz. The Securities and Exchange Commission (SEC) is likely to give its go-ahead in “four to six months.”
BlackRock, the largest asset manager in the world, with over $8.59 trillion in assets under management as of December 31, 2022, was the first to apply for the latest round of spot Bitcoin ETFs on June 16. Invesco, WisdomTree, ARK Invest, and Valkyrie, and several others, followed soon after.
SEC Likely to Approve Spot Bitcoin ETF
But according to Eric Balchunas, Bloomberg’s Senior ETF Analyst, Galaxy CEO Mike Novogratz has revealed that BlackRock and Invesco’s applications may be in for some good news. That’s according to an earnings call on August 8.
As the earnings call reportedly disclosed, sources within both BlackRock and Invesco are confident of approval. A transcript of the call, posted by Balchunas, quotes Novograt as saying contacts believe it’s “a question of when, not if.”
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Invesco partnered with Novogratz’s Galaxy Digital to file for the Invesco Galaxy Bitcoin ETF in September 2021. They reapplied on June 21 after BlackRock kicked off a new wave of applications. On the call, Novogratz reportedly said the firms would “fight like cats and dogs” for market share.
A spot Bitcoin ETF will be an exciting development for Wall Street. For one, it allows investors to gain exposure to the last decade’s most successful asset without having to own it outright.
As anyone in crypto knows, navigating wallets and digital assets can be a complicated business. This new financial product will allow institutions and traders to track Bitcoin’s (BTC) price movements in a way that’s backed by traditional finance.