• Two more asset managers – Invesco and WisdomTree – have resubmitted their filings for the release of a BTC Spot ETF in America.
• The applications come nearly a week after BlackRock filed with the SEC to introduce a BTC Spot ETF in the US.
• Invesco also collaborated with Galaxy Digital to file for a Bitcoin Futures ETF back in 2021, but later shifted focus to a product that allows customers to invest in Bitcoin based on its actual market price.
Bitcoin ETFs Enter US Market
Two more American asset managers – Invesco and WisdomTree – have announced they are pursuing their ambitions of launching a Bitcoin Spot exchange-traded fund (ETF) in the United States. This comes nearly one week after BlackRock, the world’s largest asset manager, submitted an application to the securities regulator for its own BTC Spot ETF.
Invesco’s Initial Attempt
Invesco originally filed for a BTC Spot ETF back in 2021 when it collaborated with Galaxy Digital. It was also interested in releasing a Bitcoin Futures ETF; however, it ultimately abandoned these plans at the end of 2021 so as to focus on creating a product which would allow customers to invest in Bitcoin based on its actual market price. Eric Balchunas, analyst at Bloomberg Intelligence, recently revealed via his Twitter account that Invesco has reactivated its attempts to launch a BTC Sport ETF within the United States.
European Product Already Released
The company has already introduced an associated product into Europe: “Invesco Physical Bitcoin” ETN (ticker: BTIC). This is provided through Deutsche Borse and gives investors “physically secured access” to monitor the performance of Bitcoin over time. Nonetheless, Invesco still awaits approval from the US SEC before it can offer this same product within America.
WisdomTree Also Submits Filing
WisdomTree is another investment giant within America that has just submitted an application similar to that of Invesco’s to introduce its own Bitcoin spot exchange-traded fund (ETF) inside of the United States. As both companies wait for approval from regulators, they join other finance institutions like VanEck who have already begun offering similar services across different countries around the world.
It appears that more asset managers are beginning pursue opportunities within cryptocurrency markets as major players such as BlackRock continue setting precedents by applying for crypto exchange-traded funds (ETFs). If approved by regulators, both WisdomTree and Invesco will join VanEck and others providing products which enable customers access bitcoin investments without having direct contact with cryptocurrencies themselves