Galaxy Digital Holdings has seen itself positioned in the center of a potential new market boom by Mike Novogratz. In particular, Novogratz is hoping for a market boom within the exchange-traded funds (ETFs) space.
Crypto ETFs Official In Canada
Galaxy Digital stands as one of the firms that provide Bitcoin for the ETF going by Purpose Bitcoin, which is the first-ever Bitcoin-based ETF that received approval. It was on Thursday when this ETF made its debut, being listed within the Toronto Stock Exchange.
It was just this week when CI Global Asset Management made a filing in Canada in order to start offering the CI Galaxy Bitcoin ETF. Galaxy Digital, in turn, will serve as a type of sub-advisor, all the while executing trades on the proposed ETF’s behalf. It should be noted, however, that none of these ETFs have managed to gain approval within the US.
In an interview with BNN Bloomberg, Novogratz highlighted that cryptocurrencies as a whole have started to be institutionalized at a rapid rate. He stated that it’s only a matter of time before a crypto ETF, that being Bitcoin, in particular, will be represented in the US after the Canada listing. He proclaimed this all to be a part of Bitcoin’s accelerated evolution as a store of value in general.
BTC As Value Storage Increases Its Validity
Novogratz went further, highlighting that Tesla and Microstrategy’s massive plays within Bitcoin have inspired a number of other companies, including pension funds, to start investing in it as well.
Novogratz highlighted all of these stories, noting that new stories like it are being made every day. He used this as proof that Bitcoin is entering a new, sustainable bull market. It should be noted that Novogratz himself is a billionaire and a former hedge fund manager. While Galaxy Digital itself is based in Canada, Novogratz is based within New York.
Only A Matter of Time Before Crypto ETFs In US
Indeed, Bitcoin has been making headline after headline. On Friday, the asset managed to reach a new record high of $56,000, which shot the asset’s market cap well above the $1 trillion mark.
Now, ETFs have been one of the angles crypto advocates have been hammering for, for some time now. The simple belief is that an ETF will lead to greater mainstream acceptance. There is an array of ETFs across the world, as is, primarily in Europe, with exchange-traded trusts already situated within the US.
The Securities and Exchange Commission, the US watchdog, has staunchly been against crypto ETFs, however, booting a number of requests to do so. With luck, they’ll change their tune once they see everyone else is doing it, and making money off of it.