October 19, 2021

Invesco declined to launch a bitcoin ETF

Invesco declined to launch a bitcoin ETF

One of the largest U.S. investment companies Invesco refused to launch an exchange-traded fund (ETF) based on bitcoin futures. This is reported by Bloomberg.

The company said it will continue to work in partnership with cryptocurrency bank Galaxy Digital to offer a line of products for investors to access such assets.

Invesco recently launched two blockchain-focused ETFs on the Chicago Board Options Exchange (CBOE).

Bloomberg senior ETF analyst Eric Balchunas called the decision shocking. Invesco was next in line for approval to launch the instrument, he said.

To recap, Invesco applied to launch a bitcoin ETF in August.

On October 15, the U.S. Securities and Exchange Commission tacitly approved an application to launch a bitcoin futures-based ETF from ProShares. The fund is expected to begin trading on Tuesday, Oct. 19, on the New York Stock Exchange (NYSE).

The Commission is expected to respond this month on more bitcoin futures ETFs from VanEck, Valkyrie Investments and Galaxy Digital.

On the eve of ProShares' bitcoin-ETF launch, crypto funds rose to $72.3 billion.

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Jack Evans

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About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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