According to Galaxy Digital CEO Mike Novogratz, the collapse of FTX and other challenges in the crypto industry have caused many institutions to retreat from participating in crypto. However, Novogratz believes that the approval of a spot bitcoin ETF would bring many institutions back and provide a boost to the industry. Several companies, including Ark Invest, Fidelity, and Bitwise, have submitted bitcoin ETF applications that are currently being reviewed by the US Securities and Exchange Commission. Novogratz stated that once approved, Galaxy Digital will aggressively compete for market share in the ETF space. He also mentioned that the recent SEC loss to Ripple may lead to potential moves by the SEC to approve the bitcoin ETF as a way to shore up their credentials. Despite the challenges, Galaxy Digital is still planning to go public in the US and list on the Nasdaq. They posted a net loss of $46 million in the second quarter, primarily due to lower net gains on digital assets. Novogratz expressed frustration with the regulatory process but hopes for a positive outcome soon.

AI Sentiment: Positive