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Galaxy Digital CEO Mike Novogratz shared that earlier than February 2024, the primary spot Bitcoin exchange-traded fund (ETF) is likely to be authorized in the US. The chief cited asset administration firms BlackRock and Invesco as sources.
Throughout Galaxy Digital’s Q2 earnings name, which happened on August 8, Novogratz reportedly stated: “It’s a giant, huge deal. It’s a giant deal as a result of each our contacts, from the Invesco facet and from the BlackRock facet will get you to assume that it is a query of when not if, that the surface window might be six months… 4 to 6 months when you needed to put a pin the tail on the donkey on the donkey audit.”
On a facet observe, the corporate reported a $46 million web loss.
It’s price noting that Galaxy Digital is among the contenders for a spot Bitcoin exchange-traded fund. In June this yr, the corporate reapplied for it in partnership with Invesco, which is the fourth-largest issuer of ETFs in the US.
When requested concerning the estimated date of the ETF’s acceptance, Novogratz informed shareholders that he had nothing so as to add. It is because the exchange-traded fund remains to be pending clearance from the Securities and Trade Fee. On the identical time, in accordance with Galaxy Digital’s CEO, as soon as approved, spot Bitcoin ETF suppliers like Invesco and BlackRock will likely be competing for market share: “The information of each BlackRock submitting ETF and fairly frankly, Invesco plus Galaxy, we’re going to combat like cats and canines to win market share there as soon as it will get authorized.”
In July this yr, the Securities and Trade Fee opened a remark interval for the general public to offer enter on Bitcoin ETF filings made by 4 firms that would doubtlessly result in wider adoption of Bitcoin and have a optimistic affect on its worth. These submitted filings got here from Smart Origin Bitcoin Belief, WisdomTree Bitcoin Belief, VanEck Bitcoin Belief, and Invesco Galaxy BTC ETF.
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