Galaxy Digital founder and CEO Michael Novogratz reiterated his expectation that the U.S. Securities and Exchange Commission (SEC) will approve exchange-traded funds (ETFs) that invest directly in Bitcoin this year.
Speaking at the AIM Summit conference in Dubai, Novogratz predicts the regulator will approve spot ETFs in December. However, he also noted that it is unlikely any Bitcoin ETF will begin trading until 2024.
Many applications from asset managers will appear before the SEC for consideration early next month. Among them, Galaxy Digital is partnering with Invesco on an ETF application.
Grayscale recently won a landmark court victory against the SEC. The SEC chose not to appeal the court's decision.
Bloomberg analysts estimate that there is a 90% chance that BTC spot ETFs will be approved. However, it is thought that the next big development will be Ethereum spot ETFs.
Michael Novogratz has long been known as one of the biggest bullish names in the cryptocurrency market. However, Novogratz has been criticized for his previous pro-LUNA statements in the Terra (LUNA) scandal. Novogratz had LUNA tattooed on his arm before the collapse.
*This is not investment advice.