Invesco Yet Again Applies for Spot Bitcoin ETF to U.S SEC
Invesco, a prominent financial management business that oversees $1.49 trillion in assets, has applied for a new spot Bitcoin (BTC) exchange-traded fund (ETF). This follows an initial application to introduce a Bitcoin ETF in 2021 by Invesco and Galaxy Digital. According to a recent filing with the Securities and Exchange Commission (SEC), Invesco is considering reintroducing a Bitcoin ETF.
Abruptly Pulled the Proposal
Although Invesco planned to launch a Bitcoin Futures exchange-traded fund (ETF) in 2021, they abruptly pulled the proposal. They pointed fingers at government regulation, despite the fact that the SEC had already approved ProShares’ Bitcoin Futures ETF.
In its most recent filing, Invesco emphasized the need for a spot Bitcoin ETF, saying that without one, investors are left with fewer, riskier choices.
Several Giants Backing BTC ETF
The growing popularity and intense rivalry in the cryptocurrency ETF industry may be seen in Invesco’s decision to refile for a Bitcoin spot ETF. Invesco presumably reapplied in response to BlackRock’s entry since both companies are big players in the investment management industry.
Several large corporations, including iShares, Bitwise, and WisdomTree, among others, have submitted necessary documents for spot Bitcoin ETFs since last Thursday.
Bitcoin Price Benefits
The value of a Bitcoin has surged in the last day, increasing by 7.62 percent. In the last week alone, it has grown by 12 percent. According to data, Bitcoin’s market cap now represents more than 51% of the total. As a result, Bitcoin has become even more dominant in the cryptocurrency industry.
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