Invesco, a prominent investment management company overseeing $1.49 trillion in assets, has submitted a fresh application for a spot Bitcoin (BTC) exchange-traded fund (ETF). This move 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 back into the ring for a spot Bitcoin exchange-traded fund (ETF), according to a new Securities and Exchange Commission (SEC) filing.
After their initial application in 2021, Invesco also applied for Bitcoin Futures ETF bid but pulled off at the last moment. They cited regularly concerns after the SEC has already approved ProShares’s Bitcoin Futures ETF.
Also Read: Wisdom Tree Files for BTC ETF
In its recent filing, Invesco emphasized the urgent need for a spot Bitcoin ETF, asserting that the absence of such a product drives investors toward riskier alternatives. The filing referred to instances of insolvencies involving platforms like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Bitcoin ETF On The Rise
The reapplication by Invesco for a spot Bitcoin ETF comes in response to growing interest and competition in the cryptocurrency ETF space. Invesco’s decision to reapply was likely influenced by the recent application submitted by BlackRock, a significant player in the investment management industry.
Other prominent names, such as iShares and Bitwise, and WisdomTree, have also submitted filings for spot Bitcoin ETFs since last Thursday.
Coingape also reported Bitcoin Price that experienced a significant surge in its price over the past 24 hours, with a 6.9% increase. In the last seven days, it has seen a notable rise of 10.6%. According to Tradingview, Bitcoin’s market value has reached 51%, indicating its dominance in the cryptocurrency market.
Furthermore, the identification of a significant number of altcoins as securities by the U.S. Securities and Exchange Commission (SEC) could have implications for the market.
In contrast, Bitcoin, being recognized as a commodity by the SEC, may be viewed as a more established and regulated investment option.
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