The long-awaited bitcoin (EXANTE: Bitcoin) ETF might finally come into realty as the institutional presence on the market rises. At least Mike Novogratz, Galaxy Digital Founder and CEO, believes so. In an interview with Yahoo! Finance, Novogratz said the market will get an ETF "this year."
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"Right now, the next-best thing is the Grayscale Trust," Novogratz said.
Novogratz also does not think the newly-appointed head of the US Securities and Exchange Commission (SEC) Gary Gensler will hurt the industry. Prior to the SEC, Gensler was commissioner of the Commodity Futures Trading Commission (CFTC).
"I do not think he is going to be a pushover for our space at all. I think he is going to be fair," Novogratz added.
iHodl earlier reported that VanEck, an investment management firm, submitted a new filing with the SEC for a 'Digital Assets ETF.' The new ETF will monitor the MVIS® Global Digital Assets Equity Index, focused on companies that operate cryptocurrency exchanges, payment gateways, mining operations, software services and equipment.
VanEck says companies listed in the index must generate "at least 50%" of their revenues from crypto projects or projects that, when developed, have the potential to generate at least 50% of their revenues from the crypto industry. The ETF will reportedly invest approximately 80% in the index.
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