All eyes are on the Securities and Exchange Commission (SEC) as it mulls a number of applications for a spot Bitcoin exchange traded fund (ETF), and two leading names in crypto are now publicly predicting that the agency will eventually give them a green light.

Mike Novogratz, CEO of crypto investment manager Galaxy Digital, claimed this week that such a financial product will launch within the next four to six months, citing inside sources. 

“Both of our contacts from the Invesco side and from the BlackRock side gets you to think that this is a question of when, not if,” he said during an earnings call on Tuesday, according to Bloomberg ETF analyst Eric Balchunas. 

Galaxy teamed up with Invesco in reapplying for a spot ETF in June, making it one of many firms to take another swing at applying shortly after BlackRock tried its hand. There are now nine active Bitcoin spot ETF applications awaiting approval by the SEC. 

Many investors suspect that a spot Bitcoin ETF approval will trigger an influx of institutional capital into Bitcoin, which could send the asset’s price soaring. As such, applicants are racing have the first approval, hoping to capture most of the market share out of the gate.

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Author: Andrew Throuvalas

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