BlackRock Insiders Give A Timeline For When The First Spot Bitcoin ETF Will Be Approved
August 09 2023 - 10:00AM
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BlackRock and multiple other fund managers filed for Spot Bitcoin
ETFs back in June. Since then, speculations have abounded regarding
if the United States Securities and Exchange Commission (SEC) will
approve the first Spot Bitcoin ETF given its track record. But
according to insiders, the first approval may not be far off.
Approval Coming Soon For First Spot Bitcoin ETF Citing his sources
at BlackRock and Invesco, Galaxy Digital CEO Mike Novogratz stated
that the SEC will likely give the green light for these Bitcoin
ETFs within the next four to six months. The CEO said this on an
earnings call with investors where he maintained a bullish stance
on the firm’s Bitcoin strategy. Related Reading: Beware Of Crypto
Firms Falsely Claiming To Have Submitted License Applications “Our
contacts from the Invesco side and from the BlackRock side gets you
to think that this is a question of when, not if, that the outside
window this is probably six months,” Novogratz said during the
company’s Q2 earnings call on August 8. “And so you’re– kind of
your four to six months, if you had to put a pin the tail on the
donkey audit.” During the earnings call, the Galaxy Digital
CEO noted that the Spot Bitcoin ETF application by BlackRock, which
happens to be the largest asset manager, has sparked a positive
sentiment from institutional investors towards the foremost
cryptocurrency. He also highlighted how BlackRock CEO Larry Fink’s
change of mind from being a Bitcoin skeptic to a proponent has
arguably led the Bitcoin adoption charge in the asset management
industry. In 2017, Fink labeled Bitcoin an “index of money
laundering.” However, the CEO of the largest investment firm in the
world has since changed his stance, and Fink has advocated for
Bitcoin, rightly labeling it as the first “global money.” BTC price
recovers following improved market sentiment | Source: BTCUSD on
Tradingview.com Competition Is Going To Be Hot Novogratz told
investors on the call that he recognizes that the competition will
be hot once the various spot Bitcoin ETFs are approved. He,
however, reaffirmed his company’s intention to claim a large chunk
of the ETF market share. According to him, “We’re going to fight
like cats and dogs to win market share once it’s approved.”
Other prominent firms that are major contenders for a Spot Bitcoin
ETF include Invesco (the US fourth-largest ETF manager), Cathie
Wood’s ARK Invest, Wisdom Tree (the 10th largest ETF manager),
Fidelity, Grayscale, and Valkyrie. Related Reading: ARK Invest’s
CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs
Simultaneously While it remains uncertain in what order the SEC
will approve these applications (or whether they will be approved
together), many believe that a first-mover advantage could be key
to determining which of these firms enjoy a huge chunk of the
market share in the spot Bitcoin ETF industry. That is why it
isn’t surprising that Valkyrie recently filed an application to the
SEC to amend its Bitcoin Strategy ETF (BTF) to include ETH futures
contracts, in a move that could see it launch ahead of other firms
applying for an Ethereum futures ETF. Featured image from iStock,
chart from Tradingview.com
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