Galaxy Digital CEO Optimistic About Bitcoin ETF Approval in 2023
Galaxy Digital CEO Mike Novogratz expressed optimism about the approval of a spot Bitcoin ETF in the next three months.
In an interview with CNBC, Novogratz expressed confidence, stating that discussions with the Securities and Exchange Commission (SEC) appear to be moving in a favorable direction. He noted that the SEC is under substantial pressure to approve the product, particularly after its recent court defeat to Grayscale. The SEC’s failure to appeal the court ruling has increased investor confidence in the likelihood of an ETF approval, as evidenced by Grayscale’s narrowing GBTC share discount.
Other ETF applicants and analysts are also noticing a more constructive tone from the SEC, with a shift toward more specific inquiries during the comment period. It appears that the SEC is seeking detailed information to address various concerns, potentially paving the way for multiple Bitcoin ETF approvals.
Clever Robot News Desk 20th October 2023