Gary Gensler’s SEC Administration Will Approve Bitcoin ETF Soon, As per Mike Novogratz of Galaxy Digital

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CEO of Galaxy Digital, Mike Novogratz, stated in a recent iConnections interview that Gary Gensler’s Security and Exchange Commission (SEC) would soon approve Bitcoin exchange-traded fund, or ETF, in the United States just like its neighbor from the north, Canada.

According to Novogratz, the present investment driving forces within the crypto space that provide retailers excellent advantages, such as that of Grayscale’s BTC trust, is too enticing of a concept for Gensler to keep the status quo intact. That being said, he expects the US SEC to fully allow Bitcoin ETFs to thrive within the country as early as this year.

And when it does, however, Novogratz noted that it would spell doom for Grayscale. This is because the ETF could potentially drag all new liquidity to its side, thus, collapsing the Grayscale BTC Trust’s premium.

While US-based ETFs are still in progress and amidst heavy discussions, Canada’s inaugural Bitcoin ETF, TSX’s Purpose Bitcoin ETF, already returned highly-impressive numbers on its first day alone.

According to the Bloomberg Law report regarding the subject, the first ETF in North America saw more than $80 million within the first 60 minutes from when it debuted. Although trading volumes significantly slowed down after that, the Canadian ETF still managed to rack up another $15 million – putting its debut trading volume numbers at about $100 million.

TSX notes that its ETF’s Canadian dollar-denominated units, BTCC.B, managed to trade more than 7.9 million units priced at $10.28 each. On the other hand, its American-dollar denominated counterpart, BTCC.U, sold over 1.3 million units, with each costing $10.27.

Seeing as how good the Bitcoin ETF is doing at Canada, Novogratz remarks regarding the US SEC’s approval of the same to be established in the state just makes sense. But for now, US investors would have to settle for Grayscale’s BTC Trusts, which is not all that bad considering its staggeringly high record numbers these past months.

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