Invesco, a outstanding funding administration firm overseeing $1.49 trillion in belongings, has submitted a contemporary software for a spot Bitcoin (BTC) exchange-traded fund (ETF). This transfer comes after Invesco initially filed for a Bitcoin ETF in collaboration with Galaxy Digital in 2021, as CoinGape reported.
Invesco Refiles Bitcoin ETF
Invesco has reportedly tossed its hat again into the ring for a spot Bitcoin exchange-traded fund (ETF), based on a brand new Securities and Alternate Fee (SEC) submitting.
After their preliminary software in 2021, Invesco additionally utilized for Bitcoin Futures ETF bid however pulled off on the final second. They cited frequently considerations after the SEC has already permitted ProShares’s Bitcoin Futures ETF.
Additionally Learn: Knowledge Tree Information for BTC ETF
In its latest submitting, Invesco emphasised the pressing want for a spot Bitcoin ETF, asserting that the absence of such a product drives traders towards riskier alternate options. The submitting referred to cases of insolvencies involving platforms like FTX, Celsius Community, BlockFi, and Voyager Digital Holdings.
Bitcoin ETF On The Rise
The reapplication by Invesco for a spot Bitcoin ETF is available in response to rising curiosity and competitors within the cryptocurrency ETF house. Invesco’s resolution to reapply was probably influenced by the latest software submitted by BlackRock, a big participant within the funding administration trade.
Different outstanding names, equivalent to iShares and Bitwise, and WisdomTree, have additionally submitted filings for spot Bitcoin ETFs since final Thursday.
Coingape additionally reported Bitcoin Worth that skilled a big surge in its value over the previous 24 hours, with a 6.9% improve. Within the final seven days, it has seen a notable rise of 10.6%. Based on Tradingview, Bitcoin’s market worth has reached 51%, indicating its dominance within the cryptocurrency market.
Moreover, the identification of a big variety of altcoins as securities by the U.S. Securities and Alternate Fee (SEC) might have implications for the market.
In distinction, Bitcoin, being acknowledged as a commodity by the SEC, could also be considered as a extra established and controlled funding choice.