At a press conference, Galaxy Digital CEO Mike Novogratz reportedly unveiled that BlackRock insiders believe approval of Bitcoin ETFs will come in four to six months.
Bitcoin ETF news: approval for BlackRock is a matter of “when and not if”
Right now, a source from BlackRock insiders is circulating on X (Twitter) saying that approval of Bitcoin ETFs will come in four to six months.
In essence, Mike Novogratz, CEO of Galaxy Digital, allegedly revealed this information from BlackRock insiders to the press, which he quotes as follows:
“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.”
There is optimism in the air for the financial giants who have applied for approval of their first Exchange Traded Fund based on the queen of cryptocurrencies, Bitcoin.
All applications (BlackRock, Invesco and Galaxy included) are still in the hands of the US Securities and Exchange Commission (or SEC), awaiting verdict.
Bitcoin ETF news: BlackRock’s application is officially under review by the SEC
Last month, the SEC had officially accepted and acknowledged the application submitted by BlackRock to issue its spot Bitcoin ETF in the US market.
This officialdom already represents a first step, as the regulator had reportedly initially sent the application back due to some shortcomings.
As a matter of fact, the process of analysis to accept or reject this application began from the moment of its legitimacy, which means only a month ago. Now the SEC has several months before it is forced to have to issue a verdict.
In any case, such an ETF would be listed on the Nasdaq, which has reportedly already applied to be able to list the iShare Bitcoin Trust by amending Nasdaq Rule 5711(d), titled “Commodity-Based Trust Shares.”
Grayscale’s CEO also confirms that approval is only a matter of time
Like Novogratz and all of the BlackRock insiders, Grayscale CEO Michael Sonnenshein had also said that approval of the Bitcoin ETF was only a matter of time.
Specifically, last month, Sonnenshein reportedly viewed the demand for ETFs on Bitcoin from BlackRock and all the other financial giants as a validation moment for Bitcoin.
Grayscale has long been waiting for approval of its ETF on Bitcoin from the SEC, which would continually deny it.
Indeed, since June 2022, the world’s largest digital asset manager has filed a lawsuit against the SEC, claiming that its umpteenth rejection of its ETF application was arbitrary and capricious. That lawsuit reached a pivotal moment on 1 March 2023, when judges questioned the SEC’s decision-making process. However, at the time of writing, the lawsuit has not yet received an official verdict or ruling.