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Galaxy Digital CEO Expects Bitcoin ETF Greenlight in January

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During his recent conversation with CNBC, Galaxy Digital CEO Mike Novogratz predicted U.S. regulators will finally approve a spot bitcoin exchange-traded fund (ETF) in January 2024.

The prominent crypto bull said the Securities and Exchange Commission likely faces a January 10 deadline to rule on a batch of bitcoin ETF applications submitted by firms like Grayscale. Novogratz argued the latest Fed signals make an SEC thumbs-up more likely.

  • Sees Fed pivot is boosting the odds of bitcoin ETF approval.
  • Points to the January 10 deadline for the SEC to decide.
  • Over a dozen issuers have spot BTC ETF proposals pending.

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Countdown to an SEC Bitcoin ETF Decision

“I think crypto likes it. We’re going to get this ETF before January 10th.” “That’s kind of the drop-dead date that Gensler has before he gets in trouble with the Grayscale,” said Novogratz.

Novogratz believes the improved macro backdrop in the US makes the SEC more apt to finally end a years-long wait for a spot crypto ETF.

According to Bloomberg ETF analyst James Seyffart, the SEC faces a January 5–10 window to greenlight a bitcoin ETF. With over one dozen spot bitcoin ETF applications now pending, Novogratz and other industry players see momentum finally shifting in favor of approval after a long string of rejections.

In Novogratz’s view, the Fed’s inflation focus and cooling rate hike path set the stage for an ETF. He thinks markets are decisively pricing in a more accommodating policy.

Read more: Bitcoin Will Go Forward In 2024, Says MicroStrategy’s Saylor

With fund issuers like Grayscale waiting for approval, Novogratz believes the stars have aligned for the SEC to give a spot BTC ETF the green light in January 2024.

Vignesh Karunanidhi

Milk Road Writer

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.



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