Crypto billionaire reveals: There will be good news about a “Bitcoin ETF” in October!

This article is machine translated
Show original

Mike Novogratz, CEO of cryptocurrency investment bank Galaxy Digital, predicted at the Mainnet 2023 conference hosted by Messari on the 23rd that Bitcoin spot ETFs will have good news in October this year, and a Bitcoin spot ETF will be available as soon as early December this year. trade.

Mike Novogratz mentioned that Invesco has teamed up with Galaxy Digital to submit a Bitcoin spot ETF application, and there are currently 7 or 8 reliable competitors applying. He believes that these ETFs may be launched on the same day. Bitcoin is an international asset. , taking into account the sales capabilities of these ETF issuers, the rules of the game will change, and the price of Bitcoin is bound to be pushed up.

Mike Novogratz claimed during last month’s earnings call that, according to contacts within BlackRock and Invesco, approval of a Bitcoin spot ETF could be within four to six months, rather than a question of “if.” Cathie Wood, founder of ARK Invest, also holds the same view and believes that the SEC may approve multiple Bitcoin spot ETFs at the same time.

October is key

Since the asset management giant BlackRock submitted a Bitcoin spot ETF application in June, it set off a wave of Bitcoin spot ETF applications from financial institutions. Grayscale won an agreement with the SEC on the 29th of last month to transfer its Bitcoin trust. After the legal battle over the fund GBTC's conversion to a Bitcoin spot ETF, the market was originally optimistic that the Bitcoin spot ETF launched by other institutions would soon pass the test.

However, after the first statutory 45-day response deadline, the SEC still announced on August 31 that it would postpone its decision on seven Bitcoin spot ETF applications. The SEC’s new deadlines for making decisions on applications from WisdomTree, Invesco Galaxy, Fidelity, VanEck and BlackRock are October 17, Valkyrie is October 19, and Bitwise is October 16, at which time the SEC will be able to approve, deny Or postpone the decision again.

The SEC's decision-making time for the Bitcoin spot ETF application is 240 days in total, and there will be three public responses in between. The time intervals between the response dates are 45 days, 45 days, 90 days, and 60 days respectively, which means that after the SEC finally decides to approve The SEC has three opportunities to postpone the ETF application results before being rejected. The SEC also has the right to approve or deny the application at any time during the resolution process.

Extended reading: SEC postpones all Bitcoin ETFs’ review of application status, what is the fastest possible approval time?

SEC Chairman Gary Gensler attended a Senate hearing earlier this month and stated that the SEC was reviewing multiple Bitcoin spot ETF applications, including Grayscale’s GBTC to Bitcoin spot ETC application, and he looked forward to the staff’s recommendations.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Add to Favorites