The company's futures-backed Bitcoin ETF was mostly tipped to get SEC support pursuing a motion for the ProShares product
Invesco, a large concern absorption institution with a beingness successful 20 countries, has chosen to halt its involvement successful launching a Bitcoin futures exchange-traded money (ETF).
According to a Bloomberg report, Invesco is nary longer pursuing support for its ETF from the US Securities and Exchanges Commission (SEC), with the institution alternatively looking to record for a caller merchandise backed by existent BTC.
The firm's about-turn comes astatine a clip the concern assemblage is gearing up for the debut of the ProShares Bitcoin Futures ETF, the archetypal derivative contracts-backed ETF successful the US to deed the trading market.
The recently approved money is acceptable to spell unrecorded connected the New York Stock Exchange (NYSE) today, Tuesday 19 October.
Invesco turns attraction to a physically-settled Bitcoin ETF
Atlanta-based Invesco has not revealed the details that led to the withdrawal, lone saying done a institution spokesperson that a caller absorption has been settled upon regarding ETFs.
As portion of its contiguous plans, Invesco volition proceed to enactment with Mike Novogratz' Galaxy Digital. The 2 firms precocious struck a concern allowing the concern absorption supplier to connection assorted Bitcoin-related products to the increasing crypto capitalist community.
"We volition proceed to enactment successful concern with Galaxy Digital to connection investors afloat support of products with vulnerability to this transformative plus class, including pursuing a physically-backed, integer plus ETF," the spokesperson told Bloomberg.
Invesco's plans to record for a spot Bitcoin ETF travel hardly days aft starring crypto plus absorption steadfast Grayscale hinted astatine a akin move. As reported connected Monday, Grayscale is hoping for the SEC's support to modify the pioneering Bitcoin (BTC) Trust money into a Bitcoin spot ETF.
Interest successful and excitement astir ETFs has contributed to the surge successful Bitcoin terms implicit the past week. As of writing, BTC is trading astir $62,190. According to information from CoinGecko, intraday enactment has seen BTC/USD shed immoderate of the gains registered arsenic the brace deed $63,432.04, its highest terms level successful implicit six months.
The all-time precocious for Bitcoin is $64,805, recorded connected 14 April 2021.
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