Michael Novogratz, the CEO of Galaxy Digital Holdings, expresses confidence that regulatory authorities will approve a spot Bitcoin ETF by the end of this year.

In an interview, Novogratz stated, “They will approve it. We think it’s going to happen this year, in 2023.”

The approval of a spot Bitcoin ETF has gained momentum, especially after Grayscale Investments won the case in August when three judges at the U.S. Appeals Court decided that the SEC needed to reconsider its proposal. It is not expected that the SEC will appeal this decision, but it has not yet confirmed.

During the interview, the reporter asked Novogratz to explain why his argument made sense and wasn’t just wishful thinking. Novogratz referred to the recent court decision, saying, “The SEC lost in court… The judge said, ‘What are you saying, SEC? You have a futures ETF, and you’re saying you can’t have a cash ETF. It makes intellectually no sense.’ That’s a big setback for the SEC.”

If the CEO proves to be correct, it will certainly benefit his company, which has partnered with Invesco on the spot Bitcoin ETF application.

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Pressure is Mounting

Last month, lawmakers urged SEC Chairman Gary Gensler to approve the spot Bitcoin ETF, arguing that it would make access to Bitcoin more transparent and secure, thereby enhancing investor protection. Novogratz said, “The American people want this. The world’s largest asset manager, BlackRock, is telling the public, ‘We are going to get this done.”

However, SEC Chairman Gary Gensler stated in his remarks that there is no definite decision yet, and the spot Bitcoin ETF is still under review.

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