The long wait for a Bitcoin exchange-traded fund (ETF) in the United States may soon be over, with major industry players predicting approval from the Securities and Exchange Commission (SEC) within months.

Galaxy Digital CEO Mike Novogratz cited sources at BlackRock and Invesco suggesting the SEC will likely approve a Bitcoin ETF within 4-6 months, calling it a “big, big deal.” Galaxy Digital has reapplied for a spot in Bitcoin ETF with Invesco, setting the stage for fierce competition between issuers like BlackRock, Invesco, and Galaxy.

“Once approved, spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share,” Novogratz said.

Galaxy Digital President Chris Ferraro speculated the SEC may greenlight a Bitcoin ETF to avoid appearing obstructionist toward crypto. Analysts believe approvals could come even sooner if the SEC loses its case against Grayscale regarding a spot Bitcoin ETF conversion.

After years of rejection, the SEC finds itself under mounting pressure both from within and outside the crypto industry to finally approve a Bitcoin ETF. Such a move would allow mainstream investors easy exposure to Bitcoin through brokerage accounts.

With crypto adoption accelerating and Bitcoin trading more independently of stocks, the SEC is running out of reasons not to let a Bitcoin ETF through. The long wait may soon be over if insider predictions of approval within months prove accurate.