Bitcoin ETF Approval on the Horizon: Industry Leaders Confident in SEC’s Green Light

Cathie Wood and Michael Novogratz Predict Imminent Approval for Bitcoin ETF, Paving the Way for Institutional Investors

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Cathie Wood expressed optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve the first tradable Bitcoin exchange-traded fund (ETF).

The CEO of Ark Invest, which had accurately predicted the rise of Bitcoin and the Tesla rally in 2020, stated in an interview with Bloomberg that the SEC will not only give the green light for a Bitcoin ETF but will approve more than one during the same period.

Ark Invest is among the top companies operating in the field of tradable mutual funds (ETFs).

Similar sentiments were echoed by the CEO and founder of Galaxy Digital Holdings, Michael Novogratz. He even clarified that the question isn’t “if” but “when” the SEC will approve the first spot BTC ETF.

Novogratz cites sources from BlackRock and Invesco, both of which have submitted applications to the SEC and are awaiting a decision. Ark Invest has also submitted an application for a spot BTC ETF.

Financial analysts point out that potential approval by the SEC would provide an investment scheme that allows institutional and individual traders to gain exposure to Bitcoin without directly buying or selling the asset on a cryptocurrency exchange.

Bitcoin is hovering around the $30,000 mark as it continues to recover from the fluctuations caused by the downgrade of 10 U.S. banks by Moody’s, approaching the $30,000 threshold again after weeks.

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