The Countdown Begins 

BlackRock and Invesco are on the verge of a landmark achievement with the anticipated approval of their spot Bitcoin ETFs. According to Galaxy Digital's Mike Novogratz, the approval is a matter of "when, not if," with the U.S. Security and Exchange Commission (SEC) likely to give the nod within the next four to six months. 

BlackRock, the world's largest asset manager with over $8.59 trillion in assets as of the end of 2022, was the leader in applying for the latest Bitcoin ETFs in June. Others like Invesco, WisdomTree, ARK Invest, and Valkyrie soon followed suit.

During an earnings call on August 8, Galaxy CEO Novogratz revealed that insiders at BlackRock and Invesco are optimistic about approval. Invesco, having partnered with Novogratz's Galaxy Digital for their ETF, reapplied on June 21 after BlackRock spurred a new wave of applications. The competition among firms is heating up, as Novogratz stated they would "fight like cats and dogs" for market share.

A spot Bitcoin ETF offers investors a way to track Bitcoin's price without having to navigate the complex world of digital wallets and assets. This traditional financial product will ease the process, opening up the most successful asset of the last decade to a broader market. 

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