Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz are both optimistic about the imminent approval of a spot bitcoin (BTC) ETF.
“I think the SEC, if it’s going to approve a bitcoin ETF, will approve more than one at once,” said Wood, appearing on Bloomberg TV on Monday.
Speaking on his company’s earnings call on Tuesday morning, Novogratz – citing sources at BlackRock and Invesco – said it’s not a question of “if” but “when” one of the eight currently outstanding applications for a spot bitcoin ETF will receive SEC approval.
“It’s a big deal, because 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 both Invesco and BlackRock, are among those that applied for a spot bitcoin ETF – a vehicle which would give institutional and individual traders alike the ability to get 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.
Edited by Stephen Alpher.