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Mike Novogratz \u2013 the Chief Executive of Galaxy Investment Partners expects the Securities & Exchange Commission to approve a Spot Bitcoin ETF<\/a> by the end of this year.<\/p>\n Last week, the U.S. regulator refrained from appealing a court\u2019s ruling that said it did not have sufficient reason to block Grayscale from converting its flagship trust to an exchange-traded fund.<\/p>\n Note that Galaxy itself has filed for a Spot Bitcoin ETF in collaboration with Invesco. On CNBC\u2019s \u201cSquawk Box<\/a>\u201d, Novogratz said today:<\/p>\n Dialogue with SEC is heading in right direction. It is no longer talking how Bitcoin works. It\u2019s just a recognised macro asset and that\u2019s a huge psychological shift.<\/p>\n<\/blockquote>\n The billionaire investor expects a positive news on the ETF front to lead the market higher. Still, Barclays is not entirely convinced that it will be a material catalyst for Coinbase Global Inc<\/a>.<\/p>\n Analyst Benjamin Budish told clients in a research note today on Wednesday that approval of a Spot Bitcoin ETF will likely be a \u201climited\u201d benefit for Coinbase<\/a>.<\/p>\n It is not clear how successful ETF launches would translate into a meaningful P&L benefit for Coinbase despite it being an integral service provider.<\/p>\n<\/blockquote>\n He agreed that the Nasdaq-listed firm will serve as custodian for four BTC exchange-traded funds (at least) but said it is unlikely to earn significant custodial and prime brokerage fees.<\/p>\n Barclays has an \u201cunderweight\u201d rating on Coinbase stock with a price target of $70 that suggests another 6.0% downside from here. Earlier this week, Cathie Wood<\/a> \u2013 the Founder of Ark Invest also took a positive tone on a Spot Bitcoin ETF approval.<\/p>\nHere\u2019s what Mike Novogratz said today on CNBC<\/h2>\n
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Barclays analyst shares his view on Coinbase stock<\/h2>\n
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