{"id":85929,"date":"2023-10-18T19:46:10","date_gmt":"2023-10-18T16:46:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85929"},"modified":"2025-09-13T02:18:42","modified_gmt":"2025-09-12T23:18:42","slug":"mike-novogratz-sec-to-approve-bitcoin-etf-by-end-of-2023","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mike-novogratz-sec-to-approve-bitcoin-etf-by-end-of-2023\/","title":{"rendered":"Mike Novogratz: SEC to approve Bitcoin ETF by end of 2023"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) will approve the first exchange-traded fund (<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>) based on the spot price of the first cryptocurrency by the end of 2023, according to Galaxy Digital CEO Mike Novogratz in an interview with CNBC.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Galaxy Digital CEO: Bitcoin has always been an instrument that is sold, not bought\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/EFVO8hGGA54?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe approval will come. We think this will happen this year, 2023,\u201d he said.<\/cite><\/p><\/blockquote>\n<p>Novogratz cited the late-August court ruling granting Grayscale Investments\u2019 petition against the SEC\u2019s denial of the conversion of <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> into a Bitcoin ETF. Media reports said the Commission would not appeal it.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe SEC lost in court [\u2026]. The judge said: \u2018What are you talking about, SEC? You have a <a href=\"https:\/\/u1f987.com\/en\/news\/sec-quietly-approves-first-futures-based-bitcoin-etf\">futures ETF<\/a> on Bitcoin, and you say there can\u2019t be a spot one. That makes no sense.\u2019 This puts the SEC at a disadvantage,\u201d said the founder of Galaxy Digital.<\/cite><\/p><\/blockquote>\n<p>In his words, the American public wants this, and the world&#8217;s largest asset manager\u2014BlackRock\u2014will do it.<\/p>\n<p>Novogratz-owned Galaxy Digital <a href=\"https:\/\/u1f987.com\/en\/news\/sec-takes-up-review-of-spot-bitcoin-etf-applications\">filed a joint application with Invesco<\/a> for a Bitcoin ETF back in July. In October, the companies also <a href=\"https:\/\/u1f987.com\/en\/news\/invesco-and-galaxy-submit-joint-ethereum-spot-etf-application\">applied for<\/a> approval of a spot Ethereum ETF.<\/p>\n<p>Grayscale&#8217;s General Counsel Craig Salm on SiriusXM radio called Bitcoin ETF approval \u201ca matter of time.\u201d The Block reports.<\/p>\n<p>On October 16, Cointelegraph <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-breaches-30000-on-rumors-of-blackrock-etf-approval\">published a fake news item<\/a> that the SEC allegedly approved the corresponding instrument from BlackRock. In the wake of this, the price of the first cryptocurrency rose above $30,000, but later retraced to around $28,000.<\/p>\n<p>CEO BlackRock Larry Fink <a href=\"https:\/\/u1f987.com\/en\/news\/blackrock-ceo-explains-bitcoin-rally-amid-news-of-etf-approval\">said<\/a> that the rapid rise in Bitcoin on unconfirmed news points to \u201cunmet demand for digital assets\u201d.<\/p>\n<p>On August 31, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-slips-below-26000-as-sec-decision-on-bitcoin-etfs-weighs-on-markets\">delayed<\/a> ruling on several Bitcoin ETFs at least until mid-October. By the end of September, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-delays-decision-on-three-more-spot-bitcoin-etf-applications\">moved<\/a> the consideration of the filings to January 2024.<\/p>\n<p>Earlier in August, Novogratz said that a Bitcoin ETF would be approved by February 2024. In the same month, ARK Invest CEO Cathie Wood predicted that the SEC would approve several applications for the instrument.<\/p>\n<p>CryptoQuant analysts say that if a Bitcoin ETF is approved, the cryptocurrency market\u2019s valuation will jump by $1 trillion. They also forecast Bitcoin price rising to $50,000\u201373,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission will approve the first Bitcoin ETF by the end of 2023, according to Galaxy Digital CEO Mike Novogratz.<\/p>\n","protected":false},"author":1,"featured_media":85930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,1303,1150,1138,128],"class_list":["post-85929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-mike-novogratz","tag-news-plus","tag-opinions","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85929"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85929\/revisions"}],"predecessor-version":[{"id":85931,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85929\/revisions\/85931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85930"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}