- CEO of Galaxy Digital Mike Novogratz touched on the topic of spot bitcoin ETFs during a shareholder meeting.
- He said the first such exchange-traded product in the U.S. will be available in 4-6 months.
- The company itself has applied for ETF registration with Invesco.
CEO of investment firm Galaxy Digital Mike Novogratz said the first spot bitcoin ETF in the U.S. will hit the market by February 2023. This was reported by Bloomberg Intelligence analyst Eric Balchunas, citing the CEO himself.
“This is a big deal because both of our contacts, at Invesco and BlackRock, say it’s a question of ‘when’ not ‘if’. The outside window is probably about 6 months,” Novogratz said during the management meeting.
The company’sCEO declined to personally estimate the timeline for the anticipated approval of the applications. However, he noted that competition will be fierce:
“We will fight like cats and dogs to wrest market share once this [spot bitcoin-ETF] is approved.”
As a reminder, Galaxy Digital reapplied to register an exchange-traded fund with Invesco in June 2023.
The U.S. Securities and Exchange Commission initially wrapped up all applications, but then accepted them for review. The regulator has a total of 240 days to give an official response on them.
According to a forecast by analysts at Bloomberg Intelligence, there’s a 65 percent chance the applications will be approved. That said, Ark Invest chief executive Katie Wood believes the regulator will take on several of them at once.
According to Ark Invest’s head of research, the regulator will take on several of them at once.