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Mike Novogratz, billionaire and CEO of Galaxy Digital, believes the approval of a Bitcoin exchange-traded fund (ETF) by BlackRock, the world’s largest asset manager, could be a potential game-changer for the world’s flagship cryptocurrency.
In a recent appearance on The Claman Countdown on FOX, Novogratz revealed his anticipation for BlackRock’s Bitcoin ETF success. With more than $10 trillion in assets under management, BlackRock’s endorsement could potentially encourage more blue-chip investors to invest in cryptocurrencies.
Yet, the US Securities and Exchange Commission (SEC) has so far not approved any Bitcoin ETF applications, a reality Novogratz acknowledges with a sense of hopeful optimism. “I say a Hail Mary and two Our Fathers every night that they are successful. If [BlackRock chief executive] Larry Fink can pull it off, that’s a stunningly big deal for the space because it makes it really easy for institutions to participate [as] they’re the biggest asset manager in the world…,” he said.
Novogratz insists on the logical need for a Bitcoin ETF, especially given that a futures ETF already exists. This point was underscored when a judge questioned the SEC’s rationale for denying Grayscale’s ETF in a recent case.
Novogratz reiterated his view to his 463,000 Twitter followers that a successful BlackRock Bitcoin ETF would be a boon for the leading crypto asset. He stated, “BlackRock getting a BTC ETF through would be the best thing that could happen to BTC.”
BlackRock is not the only company aiming to establish a Bitcoin ETF. The firm filed an application with the SEC for the iShares Bitcoin Trust on June 15. Other entities that have pursued the creation of Bitcoin ETFs include Grayscale, VanEck, and Cathie Wood’s ARK Invest, all of which got snubbed by the SEC.