SEC Likely To Approve Spot Bitcoin ETF In 2023, According To Novogratz

The CEO of Galaxy Digital, a cryptocurrency asset management company, Mike Novogratz, thinks that the Securities and Exchange Commission (SEC) may soon approve a Bitcoin spot ETF. Novogratz is optimistic about the ongoing positive dialogue between Bitcoin ETF providers and the SEC, indicating promising prospects for approval later this year.

During an appearance on Squawk Box on Oct 18, Mike Novogratz confidently expressed his belief that the U.S. SEC will approve a spot Bitcoin ETF in 2023. He supported his viewpoint by highlighting the ongoing positive interactions between the SEC and Bitcoin ETF providers, which serve as a promising signal of progress being made.

According to Mike Novogratz, the SEC’s decision not to appeal the Grayscale ruling is highly significant. He further suggested considering a review of Grayscale’s filing to convert GBTC into a spot Bitcoin ETFs. Novogratz believes it is now a matter of “when” rather than “if.”

It is believed that a Bitcoin ETFs will likely receive approval in 2023. All signs are pointing towards positive developments in this matter. There exists considerable pressure to make an informed decision that aligns with reason and logic. The American public strongly desires this outcome

Bloomberg Analysts Optimistic About SEC’s Stance On Bitcoin ETF

The largest asset manager, BlackRock, has previously strongly committed to achieving this goal. CEO Larry Fink openly shared that their clients have approached them with numerous inquiries regarding a Bitcoin ETF.

Bloomberg’s ETF analyst, James Seyffart, emphasized the recent recommendations put forth by the US SEC regarding Bitcoin ETFs issuers. These recommendations cover various aspects, including custodial arrangements, adherence to GAAP, risk disclosures, and scrutiny of electricity consumption in mining. Seyffart views these recommendations as encouraging signs indicating that the SEC is seriously considering approving a spot Bitcoin ETF’s.

Following updates to the prospectuses of Ark Invest and 21Shares for spot Bitcoin ETFs, analysts Eric Balchunas and Seyffart from Bloomberg have raised the likelihood of approval for a spot Bitcoin ETFs to 90%.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.