Mike Novogratz Says SEC To Approve Spot Bitcoin ETF This Year

Mike Novogratz, CEO of crypto asset management company Galaxy Digital, said that the Bitcoin spot ETF is expected to receive approval from the U.S. Securities and Exchange Commission (SEC) this year. Novogratz believes the constructive discussion between Bitcoin ETF issuers and the SEC indicates a likelihood of a spot Bitcoin ETF approval soon. SEC Chair Gary Gensler also agreed that the SEC is considering spot Bitcoin ETF.

Mike Novogratz Says Spot Bitcoin ETF Coming This Year

During a discussion on Squawk Box on October 18, Mike Novogratz believes the U.S. SEC would approve a spot Bitcoin ETF in 2023. The communications between the SEC and Bitcoin ETF issuers show things are moving in the right direction.

Mike Novogratz said the SEC not appealing against the Grayscale ruling is most significant and considering reviewing Grayscale’s filing to convert GBTC to a spot Bitcoin ETF. He thinks it’s now “A question of when not if.”

“We think a Bitcoin ETF will be approved this year in 2023. All the indications of dealing seem to be heading in the right direction. There’s a tremendous amount of pressure to do something that is rational. The American public wants this.”

BlackRock, the largest asset manager, earlier said “We will get this done.” CEO Larry Fink revealed that they have received multiple queries regarding Bitcoin ETF from clients.

Bloomberg ETF analyst James Seyffart pointed at recent amendments recommended by the US SEC to spot Bitcoin ETF issuers. These include discussions on custodial arrangements, adherence to GAAP, risk disclosures, and electricity consumption in mining. He also believes these are positive signs of considering an approval of spot Bitcoin ETF by the SEC.

CoinGape Media earlier reported that Bloomberg analysts Eric Balchunas and Seyffart increased the odds of a spot Bitcoin ETF approval to 90% after Ark Invest and 21Shares updated its spot Bitcoin ETF prospectus.

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Varinder Singh

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