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US Bitcoin exchange-traded funds (ETFs) rose to $30,000 per bitcoin this week after falling below psychological levels amid a flurry of practical applications.
Now, Mike Novagratz, CEO of crypto financial services firm Galaxy Digital, has revealed his sources at two of the world's largest wealth management firms, BlackRock.
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Nowogratz said it's not a matter of "if" but "if" the US Securities and Exchange Commission (SEC) will do at least one thing, given the relationship between the two money managers they oversee, according to estimates. 10 billion dollars. Approval of multiple ETF applications.
On a call with investors and analysts, Novagratz said Galaxy's second-quarter revenue is "a big, big deal." "It's a big deal because our two contacts from Invesco and BlackRock will help you determine if it's not, and if it is, four of them should have done a full audit within six months," Novagratz added after the crash of year. the past in Bitcoin. . Ethereum, XRP and crypto markets
. Lai said he has seen signs of increased participation from institutional investors.
"Some institutions have returned in the short term. They came back more. Some of these stocks have been recovered. But more importantly, they're structurally back," Navagratz said, adding that Galaxy's net loss for the second quarter was 555 percent year-over-year. Millions fell to $46 million. BlackRock's offering of a bitcoin ETF last month spurred several competing offers
on the cryptocurrency exchange when it was announced that the company has filed with the SEC to launch an investment vehicle that will allow institutional and retail traders to buy bitcoin without buying and to sell assets directly. Subscribe to CryptoCodex now, a free daily newsletter for cryptocurrency enthusiasts
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The SEC is expected to rule on Bitcoin ETF Arc Invest this weekend, but CEO Cathy Wood said she expects the regulator to reverse the decision.
"I think ... August 13th will come and go," Wood told Bloomberg , downplaying expectations ahead of the decision and previously noting Arc's first-place finish in the series. "I think if the SEC wants to approve a bitcoin ETF, it will be more than one approval at a time."
Grayscale, a bitcoin, ethereum and crypto asset manager for the digital currency group, has asked the SEC to remove all taints. - Simultaneously approve Bitcoin ETF applications.
"SEC actions related to bitcoin ETFs must be conducted fairly and consistently," Grayscale Chief Legal Officer Craig Salm said in a statement. "As a discovery-based regulator, the SEC should not pick winners and losers."