Bitcoin Spot ETF approved within six months?

According to Mike Novogratz's contacts at Blackrock and Invesco, a bitcoin spot ETF could be approved as early as early next year. And then the battle for market share will begin.

Bitcoin spot ETF could be approved within four to six months. Galaxy Digital CEO Mike Novogratz said this in a shareholder interview, citing "contacts" at Blackrock and Invesco.

"This is a big deal. It's important because both our contacts at Invesco and BlackRock point out that this is a matter of when, not if and that it will probably take six months," explained Novogratz.

Lack in the U.S.

So far, there is no Bitcoin spot ETF in the US. Currently, the SEC is reviewing corresponding applications from several funds, including Blackrock, VanEck, Invesco, Valkyrie, Ark Invest and Wisdom Tree. Once a Bitcoin ETF is approved, they would "fight like dogs and cats for market share," Novogratz said. Galaxy Digital announced its new second-quarter results on Aug. 8. According to these results, the crypto company posted a net loss of US$46 million.