Michael Novogratz reiterated that he expects the US Securities and Exchange Commission will finally approve exchange-traded funds that invest directly in Bitcoin this year.

While he anticipates the regulator to sign off in December, any Bitcoin ETF won’t likely start trading until 2024, Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said in Dubai at the AIM Summit conference.

In August, Grayscale Investments LLC won what some industry observers called a watershed victory when a US appeals panel overturned the SEC’s rejection of a plan to convert its Bitcoin trust to an ETF. The SEC declined to appeal the ruling. Several applications from asset mangers go before the SEC for consideration as soon as next month.

Galaxy is partnering with Invesco on an ETF application.

Bitcoin has more than doubled this year. It was little changed on Monday at about $34,655, or around half the all-time high of almost $69,000 reached in late 2021.

(Adds the price of Bitcoin and trading history in the final paragraph.)