Galaxy Digital CEO Novogratz Anticipates Bitcoin ETF Approval by Jan 10

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: DALL·EGalaxy Digital CEO Michael Novogratz predicts a significant milestone in the cryptocurrency market with the first approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

In a recent interview with CNBC, Novogratz elaborated on his anticipations, highlighting the 2023 cryptocurrency market and the Bitcoin price. He underscored the significant role of central banking decisions in shaping market trends across ious asset classes. Besides, Novogratz expressed confidence in the SEC’s imminent approval of spot Bitcoin ETFs.

“We’re gonna get this ETF before Jan. 10. That’s kind of the drop-dead date that Gensler has before he gets in trouble with Grayscale and the lawsuit,” said Novogratz.

Grayscale CEO Calls for Simultaneous Approval

It is unclear if Novogratz was specifically referring to Grayscale’s Bitcoin ETF or any other Bitcoin ETF applications filed by other financial institutions. Meanwhile, Grayscale CEO Michael Sonnenshein said the SEC needs to approve Bitcoin ETF filings simultaneously to avoid giving any issuer an early advantage.

“We’ve publicly been advocates of the fact that when the commission is ready to give the requisite approvals for spot products to come to market, that it should be done all at once,” said Sonnenshein in an interview with Bloomberg. “The issuers who are operationally ready to launch their products should come out the gate all at once.”

“The Fed’s pivot is really important. That press conference was as dovish as anybody expected and the markets are behaving that way,” says @Novogratz. “#Crypto likes it. We are going to get this ETF before January 10.” pic.twitter.com/Tu7uSHiPcV

— Squawk Box (@SquawkCNBC) December 19, 2023

Novogratz also addressed to the crypto and Bitcoin market performances. “For all the Bitcoin skeptics out there,” said Novogratz, “The Fed’s pivot is really important. That press conference was as dovish as anybody expected. And the markets are behaving that way.”

“I think crypto likes it,” concluded Novogratz.

BlackRock Confirms Bitcoin ETF Ticker and Adopts Cash Redemption Model

BlackRock’s spot Bitcoin ETF has been officially assigned the ticker IBIT, as revealed in an amended S-1 filing with the SEC. The filing also marks a shift to a cash redemption model, aligning with SEC preferences. This model requires transactions in cash for Bitcoin holdings, contrasting with the previously considered “in-kind” model.

Similarly, ARK Invest and 21Shares have amended their filings to adopt this model. The SEC’s decisions on ious Bitcoin and Ethereum ETF applications, including those from ARK Invest and 21Shares, remain pending into 2024.