BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz

The United States’ first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February, according to Galaxy Digital CEO Mike Novogratz, citing sources at BlackRock and Invesco. 

“It’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you to think that this is a question of when, not if — that the outside window is probably six months,” Novogratz told shareholders during Galaxy’s Aug. 8 Q2 earnings call, where the digital asset company reported a $46 million net loss.

“This is probably […] four to six months if you had to put a ‘pin the tail on the donkey’ on it, that the SEC is going to approve a Bitcoin ETF.”

Novogratz’s Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with $1.5 trillion asset manager Invesco — the fourth-largest ETF issuer in the U.S.

According to “contacts” from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of “when, not if” likely in “four to six months” — Galaxy CEO Mike Novogratz on earnings call this morning

— Eric Balchunas (@EricBalchunas) August 8, 2023

Speaking to shareholders, Novogratz said he didn’t have a comment on the expected timing of the ETF’s approval, which is an unknown as it sits with the Securities and Exchange Commission.

However, Novogratz believes that once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share.

“The news of both BlackRock filing ETF and quite frankly, Invesco Plus Galaxy, we’re going to fight like cats and dogs to win market share there once it gets approved.”

In response to a question, Galaxy Digital president Chris Ferraro added he wouldn’t be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled as “obstructionist.”

“I think that’s where the potential ETF approval comes in saying, hey, you can’t call us anti-crypto, we just approved an ETF. And so we’re hoping that that’s the same for our filing,” said Ferraro.




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