Galaxy Digital CEO Mike Novogratz Foresees 2023 Approval for Bitcoin ETF

The CEO of Galaxy Digital, Mike Novogratz, is optimistic about the chances of a spot Bitcoin exchange-traded fund (ETF) receiving regulatory clearance. He recently stated that he thinks such an ETF would be approved in 2023, which would be a big turning point for the bitcoin market.

The U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF within four to six months, according to Mike Novogratz’s first forecast from August. However, he changed his prediction in a recent interview with Andrew Ross Sorkin on CNBC’s “Squawk Box,” saying that approval is probably going to happen in 2023.

“It’s going to get approved, we think it happens this year in 2023,” Novogratz asserted with assurance. His prognosis was supported by a number of elements, such as a noticeable shift in public opinion and more encouraging remarks from many parties.

Galaxy Digital’s Ongoing Efforts

With the help of Invesco, Galaxy Digital has been actively pursuing the introduction of a spot-settled exchange-traded fund. The Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, often known as “BLKC,” and the “SATO” ETF are both directly related to the corporation. Notably, the SEC and Galaxy Digital have been talking about the potential ETF.

Novogratz noted the SEC’s changing viewpoint, which has changed from questioning how Bitcoin functions to acknowledging it as a key macro asset. This change signifies a significant psychological shift in the regulatory environment.

The confidence of Novogratz is consistent with recent occurrences, especially CEO of BlackRock Larry Fink’s remarks on the bitcoin market. Fink referred to the most recent increase in interest, which was sparked by false reports of ETF approval, as a “flight to quality.” Novogratz highlighted the interest shown by the biggest fund manager in the world by pointing to Fink’s comments as a promising sign. He emphasized the substantial public demand for a Bitcoin ETF in his concluding remarks.

These developments follow Fidelity’s recent amendment to its spot Bitcoin ETF filing on October 17, further illustrating the growing momentum in the cryptocurrency industry towards ETF approval.