{"id":12793,"date":"2023-08-09T04:22:55","date_gmt":"2023-08-09T04:22:55","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12793"},"modified":"2023-08-09T04:22:56","modified_gmt":"2023-08-09T04:22:56","slug":"blackrock-insiders-say-bitcoin-etf-is-likely-6-months-away-novogratz","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12793","title":{"rendered":"BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The United States\u2019 first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz \u2014 citing sources at BlackRock and Invesco.\u00a0<\/p>\n<p>\u201cIt&#8217;s a big, big deal. It&#8217;s a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you to think that this is a question of when, not if \u2014 that the outside window is probably six months,\u201d Novogratz told shareholders during Galaxy\u2019s Aug. 8 Q2 earnings call, which reported a $46 million net loss. <\/p>\n<p>\u201cThis is probably [&#8230;] four to six months if you had to put a \u2018pin the tail on the donkey\u2019 on it, that the SEC is going to approve a Bitcoin ETF.\u201d <\/p>\n<p>Novogratz\u2019s Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset manager Invesco \u2014 the fourth-largest ETF issuer in the U.S. <\/p>\n<p lang=\"en\" dir=\"ltr\">According to &#8220;contacts&#8221; from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of &#8220;when, not if&#8221; likely in &#8220;four to six months&#8221; &#8212; Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com\/TIhHC7xnHI<\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) August 8, 2023<\/p>\n<p>Speaking to shareholders, Novogratz said he didn\u2019t have a comment on the expected timing of the ETF\u2019s approval, which is an unknown as it sits with the Securities and Exchange Commission. <\/p>\n<p>However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share. <\/p>\n<p>\u201cThe news of both BlackRock filing ETF and quite frankly, Invesco Plus Galaxy, we&#8217;re going to fight like cats and dogs to win market share there once it gets approved.\u201d<\/p>\n<p>In response to a question, Galaxy Digital president Chris Ferraro added he wouldn\u2019t be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled as \u201cobstructionist.\u201d<\/p>\n<p>\u201cI think that&#8217;s where the potential ETF approval comes in saying, hey, you can&#8217;t call us anti-crypto, we just approved an ETF. And so we&#8217;re hoping that that&#8217;s the same for our filing,&#8221; said Ferraro.<\/p>\n<h3>Or, even earlier <\/h3>\n<p>Meanwhile, some analysts believe the wave of spot Bitcoin ETFs could come even sooner, depending on how a judge rules in Grayscale\u2019s lawsuit against the SEC.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>ETF analyst raises spot Bitcoin ETF approval chances in the US to 65%<\/em><\/strong><\/p>\n<p>Grayscale last year sued the SEC for rejecting its application to convert its Grayscale Bitcoin Trust into a spot ETF. <\/p>\n<p lang=\"en\" dir=\"ltr\">&#8220;If the SEC loses its case against @Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot #Bitcoin ETF applicants &#8212; including Grayscale and the other eight active filings.&#8221; @NYCStein in @Bloomberg today. Cc @EricBalchunas\u2026 pic.twitter.com\/k72W6Ek7RK<\/p>\n<p>\u2014 Craig Salm (@CraigSalm) August 2, 2023<\/p>\n<p>Analysts believe that should the SEC lose its case against Grayscale, the \u201cpath of least resistance\u201d would be simultaneous approvals for several or all spot Bitcoin ETF applicants. <\/p>\n<p><strong><em>Journeys: Herv\u00e9 Larren on Bitcoin, Apes and the psychology of \u2018blue-chip\u2019 NFTs<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/blackrock-insiders-bitcoin-etf-within-six-months-galaxy-novogratz\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States\u2019 first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz \u2014 citing sources at BlackRock and Invesco.\u00a0 \u201cIt&#8217;s a big, big deal. It&#8217;s a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12793"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12793\/revisions"}],"predecessor-version":[{"id":12795,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12793\/revisions\/12795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12794"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}