Invesco Reapplies for Bitcoin ETF, Advocates for More Crypto Investment Products
Invesco first filed for a Bitcoin ETF in the fall of 2021, but has since re-applied in light of BlackRock’s application.
Investment management company Invesco (IVZ), which has $1.4 trillion assets under management, reapplied for a spot bitcoin (BTC) exchange-traded fund (ETF) in conjunction with Galaxy Digital.
The move comes after TradFi giant BlackRock last week, which shook up the market. Another peer, WisdomTree, also for an spot ETF on Tuesday, after getting by the SEC in 2022.
Invesco for a bitcoin ETF in In 2021 - also with Galaxy. It also filed for a bitcoin futures ETF, but after a futures ETF by ProShares was approved and began trading first.
In its filing, Invesco argued that the lack of a spot bitcoin ETF pushes investors towards riskier alternatives, as seen in like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Invesco also emphasized the need for investor protection, saying that approval for such a spot bitcoin ETF hinges on a surveillance sharing agreement with a significant, regulated market, not on the regulation of the spot bitcoin market itself.
Surveillance-sharing agreements facilitate the exchange of information concerning market trading activity, clearing processes, and customer identification, which would significantly reduce the potential for market manipulation – something the Securities and Exchange Commission is very concerned about.
BlackRock (BLK), in its filing, , argued that Nasdaq could be brought in to fill this role.
“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Graeme Moore, Head of Tokenization, at the Polymesh Association, said earlier to CoinDesk. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.”
So far, the SEC hasn’t given any indication as to when it plans to make an announcement regarding a bitcoin ETF.
Grayscale (which, for now, currently shares common ownership with CoinDesk in Digital Currency Group) has sued the SEC over its rejected bitcoin spot ETF. , GrayScale CEO Michael Sonnenshein said he expects a decision in the case by September.
UPDATE (June 21, 13:07 UTC): Clarifies Galaxy Digital's involvement with Invesco, adds WidsomTree's ETF re-application.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Cardano Surpasses Bitcoin and Ethereum in Institutional Inflows
VIPBitget VIP Weekly Research Insights
In recent weeks, rising risk-averse sentiment and declining demand for leverage have led to a sharp drop in yields across Earn products. On major DeFi platforms, stablecoin yields have fallen below 4%, while on centralized exchanges, yields on stablecoin-based Earn products now hover around 2%. In contrast, Bitget HodlerYield offers users a 10% APR on stablecoins, with no 7-day cooldown for withdrawals or claims. Funds can be deposited and redeemed instantly, offering greater convenience and flexibility.
Bitwise’s Crypto ETF Strategy Amid Market Turmoil
Bitwise has introduced three new actively managed ETFs focused on generating income from crypto-related stock volatility. The crypto ETFs use synthetic covered call strategies to collect premiums while limiting exposure to sharp upward price movements. IMST targets Strategy’s volatile stock to generate monthly income through advanced algorithmic options trading.
Ethereum Price Approaches Resistance—Will It Smash Through?
Trending news
MoreCrypto prices
More
