Cathie Wood, CEO of Ark Invest, and Mike Novogratz, CEO of Galaxy Digital, are both hopeful that a spot bitcoin (BTC) exchange-traded fund will be approved.If the SEC (Securities and Exchange Commission) is going to approve a bitcoin ETF, it will do it in bulk," Wood said on Bloomberg TV on Monday.During his company's results …
Cathie Wood, CEO of Ark Invest, and Mike Novogratz, CEO of Galaxy Digital, are both hopeful that a spot bitcoin (BTC) exchange-traded fund will be approved.
If the SEC (Securities and Exchange Commission) is going to approve a bitcoin ETF, it will do it in bulk,” Wood said on Bloomberg TV on Monday.
During his company’s results conference call on Tuesday, Novogratz claimed, citing sources at BlackRock and Invesco, that it’s not a question of “if” but “when” one of the eight currently extant applications for a spot bitcoin ETF will gain SEC clearance.
However, both 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 is probably six months,” Novogratz said. “And so you’re kind of in your four to six months, if you had to put a pin-the-tail-on-the-donkey audit.”
Ark Invest, along with Invesco and BlackRock, is among the firms that applied for a spot bitcoin ETF , a vehicle that would allow institutional and individual traders to gain exposure to bitcoin without directly buying and selling the asset on a cryptocurrency exchange.
Such ETFs have been repeatedly denied by the SEC, but investor hopes are far higher this time around because of the involvement of asset-management industry giant BlackRock, which shook up markets in mid-June with its application for a spot bitcoin fund.
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