Two More Asset Managers File to Launch a BTC ETF in the US
Invesco – an American investment company with over $1.4 trillion of assets under management – reactivated its attempts to launch a Bitcoin Spot exchange-traded fund (ETF) in the United States. WisdomTree – another US finance giant – submitted a similar application to the SEC.
The latest efforts come a few days after the world’s largest asset manager filed with the securities regulator to introduce a BTC Spot ETF in the States.
Invesco Rejoins the Race
Eric Balchunas – analyst at Bloomberg Intelligence – revealed on his Twitter account that Invesco has renewed its ambitions to launch a BTC Sport ETF in the United States. The company’s initial filing came in 2021 when it collaborated with Galaxy Digital.
Invesco was also interested in releasing a Bitcoin Futures ETF. Nonetheless, it abandoned these intentions at the end of 2021 to focus on a product that allows customers to invest in the primary cryptocurrency based on its actual market price.
Although the investment company is still waiting for a positive nod from the US SEC, it has already introduced a product in Europe. The “Invesco Physical Bitcoin” ETN (ticker: BTIC) came into existence after a collaboration with Deutsche Borse and provides “physically secured access” to Bitcoin’s performance, albeit a derivative.
The New York-based entity also sought permission from the SEC to launch a BTC Spot ETF. Should it obtain regulatory approval, the fund will be listed on the Cboe BZX Exchange under the ticker BTCW.
The watchdog has previously rejected WisdomTree’s attempt to release a BTC ETF, citing possible risks for consumers, such as fraud and market manipulation.
According to Eric Balchunas and James Seyffart (another analyst at Bloomberg Intelligence), BlackRock’s filing from last week “has restored hope in approval thanks to the company’s size, stature, and reputation.”
“Everyone who had a filing is going to resubmit, and those who had been considering will also want to be filing soon as well,” Dave Abner – principal at the crypto advisory firm Dabner Capital Partners – predicted.
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