“Huh, are you serious? Will the crypto market be bullish this year?”
Mike Novogratz, Chief Executive Officer (CEO) of Galaxy Digital who had an interview with CNBC last night said that the spot Bitcoin (BTC) ETF is expected to be released before 2023 ends.
The Securities and Exchange Commission (SEC) is currently facing enormous pressure to approve a spot BTC ETF after Grayscale won its court lawsuit against the United States (US) regulator, Novogratz said.
However, investors' confidence in the ETF's approval has increased as the discount on Grayscale's GBTC shares has reportedly decreased, where it now stands at 13.5%.
Additionally, Ark Invest CEO Cathie Wood also revealed that the SEC's behavior regarding ETF filings with ARK and 21Shares has changed since recently.
Meanwhile, Fidelity on Tuesday provided an updated version of its spot BTC ETF S-1 application that will feature further details to address SEC concerns.
However, please note that it also includes specifications regarding fund custody arrangements, mechanics around the BTC hard fork, notices regarding the use of the digital asset's power as well as exposure to other risks.
Expect more filings in the coming weeks and months, said Bloomberg ETF analyst James Seyffart, adding it would be interesting to see what else the SEC wants in the document.
