In a recent earnings call, Galaxy CEO Mike Novogratz expressed confidence in the eventual approval of Bitcoin exchange-traded funds (ETFs), citing insider information from BlackRock and Invesco. According to these insider “contacts,” the approval is deemed to be a matter of “when, not if,” and it is expected to materialize within the next “four to six months.”
The details shared by Eric Balchunas, a senior ETF analyst at Bloomberg, show the anticipation of Bitcoin ETFs’ approval has triggered a competitive spirit among industry leaders.
Also read: PayPal Enters Stablecoin Realm With PYUSD
Bitcoin ETF triggers a competition
Balchunas also highlighted Cathie Wood’s point during the ETF IQ discussion. He stated that since all these ETFs essentially function by holding Bitcoin, the key differentiator will be effective marketing strategies. Balchunas also noted that these industry players are likely to heavily invest in marketing efforts, possibly leading to over-the-top campaigns to capture investors’ attention.
In a recent statement, Cathie Wood, the CEO of Ark Invest, discussed the possibility of the SEC approving multiple Bitcoin ETFs simultaneously. Wood also mentioned that Ark Invest might be among the first to receive the approval.
Bitcoin exchange-traded funds (ETFs) have garnered increasing attention in the market lately. Prominent asset management firms like BlackRock and Fidelity have submitted applications for BTC ETFs. Nevertheless, rising uncertainty surrounds the approval of Bitcoin ETFs and the timing of such approval, if granted.