Bitcoin ETF may be a ‘limited’ benefit for Coinbase stock: Barclays
Mike Novogratz expects SEC to approve a Spot Bitcoin ETF this year. Barclays analyst does not expect that to be a huge benefit for Coinbase. Coinbase stock is currently down over 30% versus its year-to-date high. Mike Novogratz – the Chief Executive of Galaxy Investment Partners expects the Securities & Exchange Commission to approve a Spot Bitcoin ETF by the end of this year. Here’s what Mike Novogratz said today on CNBC Last week, the U.S. regulator refrained from appealing a court’s ruling that said it did not have sufficient reason to block Grayscale from converting its flagship trust to an exchange-traded fund. Note that Galaxy itself has filed for a Spot Bitcoin ETF in collaboration with Invesco. On CNBC’s “Squawk Box”, Novogratz said today: Dialogue with SEC is heading in right direction. It is no longer talking how Bitcoin works. It’s just a recognised macro asset and that’s a huge psychologica...