Invesco, a 1.4 billion investment management company, has resubmitted an application for a Bitcoin ETF, joining other firms such as BlackRock and WisdomTree.
- Invesco has filed for a Bitcoin ETF that will invest in Bitcoin futures and cryptocurrency exchange traded products (ETPs)
- Invesco is among the largest firms to file for a Bitcoin ETF
- Recently, BlackRock and WisdomTree have also given applications to spot Bitcoin ETF.
In recent news, the esteemed investment management firm, Invesco, has caught the attention of the financial world by filing a fresh application for a Bitcoin exchange-traded fund (ETF). With assets totaling an impressive $1.49 trillion under their management, Invesco is not a company to be taken lightly.
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2023
Invesco goes for Bitcoin ETF
In the world of cryptocurrency, Invesco has reportedly stepped up to the plate once again and is throwing its hat back into the ring for a coveted spot in the Bitcoin exchange-traded fund (ETF) market. This news came to light through a recent Securities and Exchange Commission (SEC) filing.
This isn’t Invesco’s first attempt, as the company previously submitted an application in 2021. However, they also applied for a Bitcoin Futures ETF bid but decided to withdraw at the last moment. Their reason for backing out was due to regularly occurring concerns, which the company cited after the SEC had already approved ProShares’s Bitcoin Futures ETF.
But now, Invesco is making a bold move and emphasizing the urgent need for a spot Bitcoin ETF. They claim that without such a product, investors are left with no choice but to turn to riskier alternatives. In their recent filing, they specifically referred to instances of insolvencies involving platforms like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
The Bitcoin ETF Trend
Invesco has reapplied for a Bitcoin ETF spot amidst a growing interest and competition in the cryptocurrency ETF market. BlackRock, a significant player in the investment management industry, recently submitted an application which may have influenced Invesco’s decision to reapply.
Other big names such as iShares, Bitwise, and WisdomTree have also filed for spot Bitcoin ETFs since last Thursday.There’s also a significant surge in Bitcoin’s price, which has increased by 6.9% in the past 24 hours and 10.6% in the last seven days. According to Tradingview, Bitcoin’s market value has reached 51%, indicating its dominance in the cryptocurrency market.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has identified a considerable number of altcoins as securities, which could have implications for the market. On the other hand, Bitcoin is recognized as a commodity by the SEC and may be viewed as a more established and regulated investment option.