Mike Novogratz Predicts U.S. SEC Approval for Bitcoin ETF in 2023

Mike Novogratz, CEO of crypto asset management firm Galaxy Digital, stated that the U.S. Securities and Exchange Commission (SEC) is anticipated to approve the Bitcoin spot ETF this year.

Novogratz believes the positive dialogue between Bitcoin ETF issuers and the SEC signifies an imminent approval of a Bitcoin ETF.

Mike Novogratz stated on Squawk Box on October 18 that the U.S. SEC will authorize a Bitcoin spot ETF in 2023. The communications between the SEC and Bitcoin ETF issuers indicate that the situation is improving.

Mike Novogratz stated that the SEC’s decision not to appeal the Grayscale ruling is extremely significant and that he is contemplating evaluating Grayscale’s application to convert GBTC to a spot Bitcoin ETF.

“We think a Bitcoin ETF will be approved this year in 2023. All the indications of dealing seem to be heading in the right direction. There’s a tremendous amount of pressure to do something that is rational. The American public wants this.”

He believes that it is now “a question of when, not if.” The largest asset manager, BlackRock, previously stated, “We will get this done.”

CEO Larry Fink disclosed that the company has received multiple inquiries from clients regarding the Bitcoin ETF.

James Seyffart, an ETF analyst at Bloomberg, cited recent amendments recommended by the US SEC to identify Bitcoin ETF issuers.

These include discussions on custody arrangements, compliance with GAAP, risk disclosures, and mining electricity consumption.

He also believes that these are positive indications that the SEC may approve a Bitcoin spot ETF.