Galaxy Digital CEO Mike Novogratz has expressed strong confidence that spot Ethereum ETFs could be approved by U.S. regulators within the next few months. His comments came during a recent earnings call, where he highlighted the rapid pace at which regulatory discussions have advanced since Bitcoin ETFs got the green light earlier this year. While nothing is guaranteed, Novogratz suggested that approval could come “by October,” surprising many who expected delays well into 2025.
An ETF, or Exchange-Traded Fund, is like a basket of assets—stocks, bonds, or even crypto—that you can buy and sell on a stock exchange just like a regular share. It lets you invest in many things at once, instead of picking individual assets. In crypto, a Bitcoin or Ethereum ETF would let people invest in those coins without holding them directly.
The optimism stems from shifting attitudes at the Securities and Exchange Commission, which has been under mounting pressure to apply consistent standards across cryptocurrencies. Analysts and legal experts note that the precedent set by Bitcoin ETFs puts the SEC in a tight spot if it chooses to deny similar Ethereum products without a clear legal basis. Although the SEC hasn’t made a formal decision, multiple issuers have already updated their filings, signaling preparation for imminent approval.
Ethereum’s appeal lies in its broader utility compared to Bitcoin. With its smart contract functionality, institutional investors see long-term value beyond just price speculation. An ETF would offer a safer, regulated pathway into the asset, and large funds are reportedly lining up to allocate once the SEC gives the go-ahead. This could drastically increase market liquidity and provide new momentum for Ethereum’s price and ecosystem development.
However, Novogratz also warned that volatility and political shifts could still delay the process. The crypto sector remains vulnerable to regulatory whims, especially with upcoming U.S. elections and differing agency agendas. Still, the tone has shifted from “if” to “when,” and Galaxy Digital is positioning itself accordingly. If Ethereum ETFs are indeed approved by October, it could be a watershed moment for the entire crypto market.
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