In an exclusive interview on The Claman Countdown, renowned investor Mike Novogratz, CEO of Galaxy Digital, expressed his optimism regarding BlackRock’s recent filing for a Bitcoin exchange-traded fund (ETF). Novogratz emphasized that the success of BlackRock, a financial powerhouse managing over $10 trillion in assets, would revolutionize the cryptocurrency landscape by facilitating entry for institutional investors.
Despite previous rejections of BTC ETF applications by the U.S. Securities and Exchange Commission (SEC), Novogratz remains hopeful and even humorously reveals his nightly prayers for BlackRock’s triumph. The involvement of BlackRock, led by CEO Larry Fink, would constitute a monumental breakthrough for the industry, given their status as the world’s largest asset manager.
Novogratz highlights the glaring disparity between the existence of a Bitcoin futures ETF and the absence of a Bitcoin ETF. He cites a recent case involving Grayscale where a judge criticized the SEC’s refusal to approve a Bitcoin ETF, suggesting that such actions are illogical. Anticipating positive developments, Novogratz asserts that there is no valid reason why a Bitcoin ETF should not materialize.
Taking to Twitter to share his perspective with his sizable following of 463,000 users, Novogratz reiterates that BlackRock’s successful launch of a BTC ETF would be highly favorable for the leading cryptocurrency by market capitalization.
With BlackRock’s recent filing for the iShares Bitcoin Trust on June 15, they join the ranks of other companies such as Grayscale, VanEck, and ARK Invest, all of whom have endeavored to create their own BTC ETFs.
Novogratz’s enthusiasm for BlackRock’s foray into the Bitcoin ETF space underscores the significant implications that a successful approval could have on Bitcoin’s widespread adoption, heralding a new era of mainstream institutional participation.
