BlackRock Insiders Expect Bitcoin Spot ETF to be Approved in The Next 6 Months

• Inside contacts at BlackRock and Invesco have indicated to Galaxy Digital’s CEO Mike Novogratz that the approval of the first spot Bitcoin ETF in the US could occur within the next six months.
• Once approved, major issuers like BlackRock and Invesco are expected to compete fiercely for market share, with the possibility of simultaneous approvals for several ETFs depending on the outcome of Grayscale’s lawsuit against the SEC.

Exciting developments are underway in the crypto financial market, as recent report by Cointelegraph and corroborated by a tweet from @EricBalchunas! Insiders at BlackRock and Invesco have informed Galaxy Digital CEO Mike Novogratz that the first spot Bitcoin ETF in the United States is likely to be approved within the next four to six months.

According to “contacts” from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of “when, not if” likely in “four to six months” — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI

— Eric Balchunas (@EricBalchunas) August 8, 2023

The Anticipated Approval Timeline

Novogratz’s prediction of a Bitcoin ETF approval within the next six months was a highlight of Galaxy’s Aug. 8 Q2 earnings call. He emphasized that it’s not a question of if, but when, and that the “outside window is probably six months.” With Galaxy Digital and Invesco as strong contenders for a spot Bitcoin ETF, the market is keenly watching the developments.

Intense Competition Among Issuers

The anticipation of approval is not without its drama. Novogratz predicts that issuers like BlackRock and Invesco will “fight like cats and dogs” for market share once the Bitcoin ETF gets the nod from the Securities and Exchange Commission (SEC). Galaxy Digital’s President, Chris Ferraro, also expressed expectations for the SEC to act in favor to avoid the label of “obstructionist.”

Grayscale Lawsuit and Potential Acceleration

A significant twist in this unfolding story is Grayscale’s lawsuit against the SEC, following the rejection of its application to convert its Bitcoin Trust into a spot ETF. Some analysts believe that a loss for the SEC in this lawsuit could lead to simultaneous approvals for several or even all spot Bitcoin ETF applicants.

The approval of a spot Bitcoin ETF would mark a monumental shift in the crypto financial landscape, and all eyes are on the key players, such as BlackRock, Invesco, and the SEC, as the next six months promise to unfold a new chapter in the world of digital assets.

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