• Invesco and WisdomTree have both submitted their filings to the US SEC in order to launch a Bitcoin Spot Exchange-Traded Fund (ETF).
• This comes nearly a week after BlackRock’s similar filing.
• Invesco had previously filed for a Bitcoin Futures ETF but later decided to focus on a product that allows customers to invest in Bitcoin based on its market price.
Asset Managers File for BTC ETF in US
Two American asset managers, Invesco and WisdomTree, have recently resubmitted their filings to the US Securities and Exchange Commission (SEC) aiming to launch a Bitcoin Spot exchange-traded fund (ETF). This comes nearly a week after the world’s largest asset manager BlackRock has also filed with the securities regulator for an identical product.
Invesco’s Previous Attempts
Invesco is an American investment company with more than $1.4 trillion of assets under management. The company initially attempted to launch a BTC Sport ETF back in 2021, collaborating with Galaxy Digital at that time. Afterwards, it expressed interest in releasing a Bitcoin Futures ETF before finally deciding to focus on creating a product that allows customers to invest in the primary cryptocurrency based on its actual market price.
Physically Secured Access With Deutsche Borse
Although Invesco is still awaiting confirmation from the SEC regarding its proposed BTC Spot ETF, it has already launched a similar product in Europe by collaborating with Deutsche Borse – “Invesco Physical Bitcoin” ETN (ticker: BTIC). This provides investors with physically secured access to bitcoin performance without having them exposed directly or indirectly to any trading activity involved when investing into cryptocurrencies.
WisdomTree Joins The Race
WisdomTree – another large finance giant from America – has also submitted an application for releasing its own version of Bitcoin Spot ETF at the same time as Invesco did it again last week. It remains unknown whether either or both of these two companies will eventually be successful and get permission from the SEC this time around as they previously failed during their earlier attempts at launching such products back in 2021/2022.
Conclusion
The recent efforts of both Invesco and WisdomTree suggest that there is growing demand among institutional investors for exposure towards bitcoin investments through regulated financial instruments such as exchange traded funds (ETFs). Whether either or both companies will eventually get approval from SEC remains uncertain however given their previous failures during earlier attempts at launching similar products back in 2021/2022.