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Invesco Files for Bitcoin ETF, Expert Believes More ETF Applications May Be Filed by Weekend

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Thu, 08/05/2021 - 11:26
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Yuri Molchan
Invesco has filed with SEC for Bitcoin ETF, holding GBTC and futures, Bloomberg expert believes it was rushing to file ahead of other companies this week
Invesco Files for Bitcoin ETF, Expert Believes More ETF Applications May Be Filed by Weekend
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According to a tweet by Eric Balchunas, Bloomberg's senior ETF analyst, Invesco has filed for a Bitcoin Strategy ETF. According to the document, the ETF was filed on Aug. 5.

Invesco files for Bitcoin ETF under the 1940 Act

This Bitcoin exchange-traded product will track the performance of Bitcoin futures contracts, Canada Bitcoin ETFs and Grayscale Bitcoin Trust shares (GBTC).

The application was filed under the 1940 Investment Company Act as required by the SEC regulatory agency's chairman, Gary Gensler.

This act provides regulation to closed-end funds and mutual funds and, as per Gensler, offers substantial protection to investors.

Recently, the SEC chairman urged the U.S. Senate to provide stronger protection to investors in the cryptocurrency market by introducing tougher regulations in the field.

Balchunas reckons that Invesco was in a rush to roll out its ETF application, at 6 a.m., so he expects at least five or ten similar ETFs to be applied for by Friday night.

Setting the over/under at SEVEN for # of bitcoin futures (and other things) ETFs filed by tomorrow night. We are currently at three.

Related
Melanion Capital Launches Europe's First Regulated Bitcoin ETF

Invesco's Bitcoin ETF

On June 9, Bloomberg reported that Invesco was planning to submit an application for a Bitcoin ETF to seek approval from the SEC.

Back then, Invesco planned to launch two Bitcoin exchange-traded funds: Invesco Galaxy Blockchain Economy ETF and Invesco Galaxy Crypto Economy ETF.

The SEC had held up the approval of those ETFs, as well as similar products from a dozen other companies, including Grayscale Investments and Fidelity.

Today, Invesco filed for just one BTC ETF: INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.