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Invesco Makes a Comeback in Bitcoin Space

Wed, 06/21/2023 - 06:02
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Alex Dovbnya
After previously stepping back in the face of regulatory resistance, Invesco, a financial titan managing $1.49 trillion, is renewing its quest for a Bitcoin ETF berth, according to a fresh SEC filing
Invesco Makes a Comeback in Bitcoin Space
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In a renewed effort to make its mark in the burgeoning Bitcoin market, Invesco, a global investment management firm with $1.49 trillion under its management, has reportedly tossed its hat back into the ring for a spot Bitcoin exchange-traded fund (ETF), according to a new Securities and Exchange Commission (SEC) filing.

This comes after the firm previously withdrew its application for a Bitcoin ETF back in October 2021 after submitting the application earlier that year. 

The original retreat of Invesco's Bitcoin ETF proposition came in the face of regulatory headwinds. The U.S. Securities and Exchange Commission had been resistant to approve such funds due to concerns over potential fraud and market manipulation.

However, the recent re-filing suggests a renewed sense of optimism from the firm, potentially signaling a shift in the regulatory landscape.

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Nate Geraci, a renowned industry commentator, noted in a tweet that the SEC has been on a "warpath against crypto," prompting curiosity about what might have changed recently to spur such actions.

Invesco is not alone in its pursuit of a much-coveted spot in Bitcoin ETF. Other prominent names, such as iShares and Bitwise, and WisdomTree, have also submitted filings for spot Bitcoin ETFs since last Thursday.

As reported by U.Today, BlackRock, the world's largest asset manager, recently caused a stir in the crypto industry by applying for a spot in Bitcoin ETF, with several analysts attempting to decode the motivation behind this maneuver.

The flurry of filings indicates a renewed surge of institutional interest in the cryptocurrency, suggesting a potential sea change in regulatory approval for such financial products.

The situation remains fluid as the SEC has yet to issue a final decision on these filings. Nonetheless, the re-emergence of Invesco, alongside the entry of other major players in the financial arena, introduces a new twist in the ever-changing narrative surroudning Bitcoin ETFs.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.