Mike Novogratz believes the Bitcoin ETF is a matter of when, not if

Galaxy Digital Chief Executive Officer (CEO) Mike Novogratz recently stressed that the appearance of a Bitcoin (BTC) Exchange Traded Fund (ETF) is a matter of when, not if, a statement that reflects general sentiment in the industry

Bitcoin ETF: the grayscale vs. SEC factor

Novogratz made the statement after James Seyffart, ETF analyst at Bloomberg Intelligence, spoke about the outcome of the legal dispute between Grayscale and the US Securities and Exchange Commission (SEC) and what it might mean for the prospects of a spot Bitcoin ETF means.

After the SEC received a rejection of its application to convert its Grayscale Bitcoin Trust (GBTC) into a physically-backed ETF, Grayscale filed a lawsuit with US regulators. In one of its hearings, the investment asset management firm argued that the SEC’s decision was not consistent with previous orders approving the GBTC spot bitcoin ETF.

Also, the asset manager claimed that the SEC did not have sufficient grounds to deny their spot BTC ETF application, especially after the bitcoin futures ETF was approved.

Many analysts and financial experts agreed that Grayscale has a very strong case. They were confident enough to predict that Grayscale has a strong case and a 70 percent chance of winning the lawsuit. However, the DC Circuit Court of Appeals delayed and ended the decision in the Grayscale vs. SEC case move the hearing twice.

Grayscale’s eventual victory

Earlier this week, the judge finally ruled explained that the SEC failed to recognize the “obvious financial and mathematical relationship between the spot and futures markets” and therefore “ordered and ruled that Grayscale’s review motion be granted and the commission’s order overturned, pursuant to the opinion of the court.” has submitted.”

Judge Srinivasan Rao reiterated that the SEC did not provide sufficient reasons for denying the motion.

While this was no sign that a BTC ETF is imminent, the ruling is a green light towards approval, and since then several crypto players have expressed optimism about a Bitcoin ETF being approved anytime soon, as Mike Novogratz now does also announces to express its optimism loudly.

The presence of top investment managers is pleasing BlackRockFidelity, WisdomTree in spot bitcoin ETF competition are also likely to fuel or accelerate an approval soon.