In a surprise revelation today, Galaxy CEO Mike Novogratz dropped a significant hint that the approval of a spot Bitcoin exchange-traded fund (ETF) is on the horizon. Novogratz, known for his insights in the cryptocurrency space, disclosed that his sources at BlackRock and Invesco have indicated that the green light for a Bitcoin ETF is not a matter of “if,” but rather “when.”
BREAKING:BlackRock drops a BOMBSHELL – #Bitcoin ETF from BlackRock and Invesco confirmed, claims insiders
Prepare for an EPIC #crypto explosion
A threadpic.twitter.com/BPO6dKBiAX
— Keyur Rohit (@CryptoKingKeyur) August 8, 2023
Novogratz’s projected timeline for approval points to a span of “four to six months,” shedding light on the potential near-term developments in the regulatory landscape for Bitcoin ETFs.
BlackRock is one of many firms competing for a Bitcoin ETF approval
BlackRock, a prominent asset management firm, submitted an application for a spot Bitcoin ETF, which was officially included in the Securities and Exchange Commission’s docket in July. In response to indications from the SEC that BlackRock’s initial application required enhancements, the company promptly revised its proposal. The revised application introduced a “surveillance sharing” provision, involving Coinbase, a leading crypto exchange, in monitoring and reporting any possible illicit activities.
Interestingly, other players in the investment realm followed suit. Valkyrie, Fidelity, and ARK Invest incorporated a similar “surveillance sharing” clause in their updated Bitcoin ETF applications, mirroring BlackRock’s approach.
A spot Bitcoin ETF would offer investors exposure to Bitcoin’s value without necessitating direct ownership of the cryptocurrency. Furthermore, such an ETF would be tradable on conventional stock exchanges, enhancing accessibility and legitimacy for traditional investors.
While the market saw the introduction of a Bitcoin ETF linked to futures earlier this year, the anticipation of a spot ETF—one tied to the real-time price of Bitcoin—has been deemed a “holy grail” for the cryptocurrency industry. As the industry closely monitors regulatory developments, these recent revelations hint at potential breakthroughs that could reshape the landscape for Bitcoin investment vehicles.