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- Invesco filed a proposal for a Bitcoin Futures ETF in 2021.
- Due to regulatory issues, the investment firm withdrew at the last moment.
A fresh application for a spot Bitcoin (BTC) exchange-traded fund (ETF) has been submitted by Invesco, a prominent investment management company overseeing $1.49 trillion in assets. This follows the initial joint application by Invesco and Galaxy Digital to establish a Bitcoin ETF in 2021.
A recent submission to the Securities and Exchange Commission (SEC) shows that Invesco is once again pursuing the launch of a Bitcoin exchange-traded fund (ETF).
Spot Bitcoin ETF Gaining Favor
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Invesco had proposed a Bitcoin Futures ETF in 2021 but ultimately withdrew at the last moment, citing regulatory concerns despite the SEC having previously approved ProShares’ Bitcoin Futures ETF.
In its latest filing, Invesco emphasized the urgent need for a spot Bitcoin ETF, contending that investors are compelled to opt for riskier alternatives in the absence of such a product.
Invesco’s choice to reapply for a Bitcoin spot ETF illustrates the growing interest and intense competition within the cryptocurrency ETF sector. The recent application by BlackRock, a significant player in the investment management field, likely influenced Invesco’s decision to reapply.
Since last Thursday, several notable firms, including iShares, Bitwise, and WisdomTree, have submitted applications for spot Bitcoin ETFs.
In the last 24 hours, Bitcoin’s price has surged, increasing by 8 percent. It has experienced a significant rise of 10.6 percent over the past week. According to data, Bitcoin’s market capitalization has exceeded 51% dominance, reinforcing its status as the leading cryptocurrency. As reported by CMC, the current price of BTC is $28,924.
