Digital Assets: Mike Novogratz Expects SEC To Greenlight Spot Bitcoin ETF In Six Months

August 11, 2023 | Digital Assets, News

Novogratz was speaking on the Q2 earnings call on Tuesday of his company Galaxy Digital Holdings.

Galaxy Digital CEO Mike Novogratz is hopeful that the U.S. SEC could approve a spot Bitcoin exchange-traded fund (ETF) within 4 to 6 months. He based this premise on his contacts at major asset management firms Blackrock (NYSE: BLK) and Invesco (NYSE: IVZ), both of which have filed for Bitcoin ETFs with the SEC.

Novogratz noted on the Q2 earnings call on Tuesday of his company Galaxy Digital Holdings (TSE: GLXY) that the growing support from influential figures like Blackrock CEO Larry Fink signifies a shift in institutional attitude towards cryptocurrencies. (

“It’s significant that Larry Fink who runs the largest asset manager in the world — Blackrock runs $7 trillion — is out, having been orange pilled, talking very positive about bitcoin and the crypto universe, bitcoin as the first global money,” said Novogratz. “That’s a huge change of heart from where he was, five, six years ago, where the institutional world was.”

Novogratz also discussed the significance of a recent ruling involving Ripple, highlighting the ambiguity of current regulatory rules and suggesting the ruling might encourage legislative efforts for clarity.

The SEC has indicated its intent to appeal the Ripple ruling and seek a stay of court proceedings.

Meanwhile, the likelihood of the SEC approving a spot Bitcoin ETF in the U.S. has risen to 65%, according to Bloomberg analysts.

Related Story: BlackRock’s Fink Expects The Bitcoin ETF To Revolutionize Finance

Bitcoin Image by Firman from Pixabay

Check Mark Image by Clker-Free-Vector-Images from Pixabay

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