See More

BlackRock and Invesco Spot Bitcoin ETFs a Matter of ‘When, Not If,’ Expert Says

2 mins
Updated by Michael Washburn
Join our Trading Community on Telegram

In Brief

  • BlackRock's and Invesco's spot Bitcoin ETF approval is expected soon, possibly within four to six months.
  • This year, BlackRock applied for the ETF first, followed by Invesco, WisdomTree, ARK Invest, and Valkyrie.
  • Galaxy Digital's Mike Novogratz suggests that at this point, approval is a matter of "when, not if."
  • promo

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.”

For asset managers and financial institutions, the worldwide popularity of ETFs is impossible to ignore. Source: Statista

Manage your assets like a pro with these useful portfolio trackers: 11 Best Crypto Portfolio Trackers in 2023

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.

Top crypto platforms in the US | February 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2298.png
Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
READ FULL BIO
Sponsored
Sponsored