Galaxy Digital CEO Confident SEC Will Approve Bitcoin Spot ETFs This Year

• Michael Novogratz, Galaxy Digital CEO, is confident that U.S. spot bitcoin exchange-traded funds (ETFs) will be approved by regulators in 2023.
• Novogratz predicts the SEC will approve bitcoin ETFs by the end of 2023 due to mounting pressure on the SEC following Grayscale’s court victory.
• The court victory required the SEC to reassess its previous rejection of spot bitcoin ETFs, highlighting flaws in their rationale.

Galaxy Digital CEO Michael Novogratz expressed confidence that U.S. spot bitcoin exchange-traded funds (ETFs) will finally be approved by regulators this year.

In a recent CNBC interview, Novogratz predicted the SEC would give the green light to spot bitcoin ETFs before the end of 2023. He cited mounting pressure on the SEC following Grayscale’s court victory, which required the agency to reassess its previous rejection.

Novogratz argued the judge’s order revealed flaws in the SEC’s rationale that futures ETFs can be allowed but spot ETFs cannot. With the SEC now “on the back foot”, he believes approvals are imminent.

Several top firms are awaiting SEC’s approval of Bitcoin spot ETF

Galaxy Digital has partnered with Invesco on a bitcoin ETF application awaiting an SEC decision. Approvals would benefit their business, and other major firms like BlackRock and Fidelity are also seeking to offer the product.

Lawmakers recently pressed SEC Chair Gary Gensler to permit a bitcoin ETF in light of the court ruling, arguing it would increase investor protection and transparency.

While Novogratz’s predicted timeline is optimistic, his confidence echoes the growing sense among industry players that regulatory resistance is weakening. But the SEC maintains caution, keeping the market guessing if 2023 will finally bring the long-awaited first approvals.