Following BlackRock and other applications, the $1.4 billion investment management firm Invesco re-Applies for a Bitcoin ETF.
Invesco, an established investment management firm that oversees $1.49 trillion in assets, has submitted a new exchange-traded fund (ETF) application for a spot Bitcoin (BTC) fund. This action follows Invesco’s initial filing for a Bitcoin ETF with Galaxy Digital in 2021.
Invesco Resubmits Bitcoin Exchange Traded Fund
According to a new Securities and Exchange Commission (SEC) filing, Invesco has reportedly thrown its cap back into the ring for a spot Bitcoin exchange-traded fund (ETF).
In addition to their initial application in 2021, Invesco submitted a proposal for a Bitcoin Futures ETF but withdrew at the last minute. Even though the SEC has already approved ProShares’ Bitcoin Futures ETF, they frequently cited concerns.
In its most recent filing, Invesco emphasized the need for a spot Bitcoin ETF, arguing that the lack of such a product forces investors to seek riskier alternatives. The filing mentioned the insolvencies of platforms such as FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Bitcoin ETF Gaining Ground
In response to increasing interest and competition in the cryptocurrency ETF space, Invesco has reapplied for a Bitcoin spot ETF. BlackRock’s recent application likely influenced Invesco’s decision to reapply. BlackRock is a significant participant in the investment management industry.
Since Thursday, other prominent companies, including iShares, Bitwise, and WisdomTree, have filed for spot Bitcoin ETFs. Reports say that Bitcoin Price experienced a significant price increase of 6.9% over the past 24 hours.
It has undergone a notable 10.6% increase over the past week. According to Tradingview, Bitcoin’s market value has reached 51%, demonstrating its market dominance.
In addition, the U.S. Securities and Exchange Commission’s (SEC) classification of many alternative cryptocurrencies as securities may have market-wide repercussions. As a commodity the SEC recognizes, Bitcoin may be regarded as a more established and regulated investment option.
