$1.5 Trillion Asset Manager Invesco Reactivates Bitcoin Spot ETF Filing

Key Points:

• Invesco is taking another step in the cryptocurrency ETF space with the new filing.
• The company submitted an application for approval to launch Bitcoin spot-based ETF of Galaxy Digital.
• This is the move that follows the giants BlackRock, Fidelity, and WisdomTree, making the market strengthen psychologically.

The crypto market is in full swing as a succession of large institutions begins to engage in a non-public war with the U.S. Securities and Exchange Commission. Invesco is among the companies that recently followed BlackRock, Fidelity, and WisdomTree to launch their Bitcoin spot ETF (exchange-traded fund) startup campaign.

According to Bitcoin Magazine, US investment firm Invesco, which manages approximately $1.49 trillion in assets, has resumed its own Bitcoin spot ETF application process.

Invesco submitted an application for approval to launch Bitcoin spot-based ETF of Galaxy Digital, a cryptocurrency financial service and investment management company, to the SEC in 2021 but improved the plan around October of the same year.

The SEC has recently taken drastic crackdowns on the crypto industry, causing the market to struggle for two weeks in a row.

Invesco’s Bitcoin spot ETF re-registration comes with WisdomTree, an $87 billion fund manager. Both these companies, on the same day, submitted decisions that can be said to help improve the confidence of the crypto market in recent times.

Before WisdomTree and Invesco, the world’s biggest asset management firm, BlackRock, was the first to apply to the SEC for a license to trade a Bitcoin ETF on the NASDAQ platform.

While the SEC has not yet accepted BlackRock’s petition, many individuals are encouraged by the news. The company has previously applied for 576 ETFs but has only been refused once.

There is also talk that Fidelity would acquire Grayscale or launch a Bitcoin ETF to compete with BlackRock. Nevertheless, the SEC has yet to approve any Bitcoin spot ETFs in the United States.

Many have long anticipated the Bitcoin ETF to provide fresh growth drivers for the industry, as it highlights the potential of the world’s biggest cryptocurrency in conventional finance. The financial management behemoths are bringing Bitcoin closer to millions of individual and institutional investors with this offering.

At the same time, several other financial titans announced excellent news, including the establishment of the EDX Markets crypto exchange by three Wall Street titans: Fidelity, Charles Schwab, and Citadel.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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