Invesco, a distinguished funding administration firm overseeing $1.49 trillion in belongings, has submitted a recent utility 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), in line with a brand new Securities and Exchange Commission (SEC) submitting.
After their preliminary utility in 2021, Invesco additionally utilized for Bitcoin Futures ETF bid however pulled off on the final second. They cited often considerations after the SEC has already permitted ProShares’s Bitcoin Futures ETF.
Also Read: Wisdom Tree Files 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 Network, 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 determination to reapply was probably influenced by the recent application submitted by BlackRock, a major participant within the funding administration trade.
Other distinguished names, similar to iShares and Bitwise, and WisdomTree, have additionally submitted filings for spot Bitcoin ETFs since final Thursday.
Coingape additionally reported Bitcoin Price that skilled a major surge in its worth over the previous 24 hours, with a 6.9% improve. In the final seven days, it has seen a notable rise of 10.6%. According to Tradingview, Bitcoin’s market worth has reached 51%, indicating its dominance within the cryptocurrency market.
Furthermore, the identification of a major variety of altcoins as securities by the U.S. Securities and Exchange Commission (SEC) may have implications for the market.
In distinction, Bitcoin, being acknowledged as a commodity by the SEC, could also be seen as a extra established and controlled funding choice.
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