In Brief:
- Invesco had withdrawn its application for Bitcoin ETF from the SEC
- Today, Proshares launched its first bitcoin future ETF at NYSE under the ticker on BITO
- Invesco is now planning for the launch of spot trading in collaboration with Crypto broker, Galaxy Digital
Invesco, an investment management company had withdrawn its application for bitcoin futures exchange-traded fund (ETF) hours before the launch of the first Bitcoin-based ETF from Proshares.
Invesco pulled out its ETF application from the Securities and Exchange Commission (SEC) in a surprising manner as many crypto intellectuals and analysts were considering the high probability to approve an application from authority.
Recently, the SEC had accepted the applications from Proshares for a Bitcoin-based ETF. Today, Proshares became the first Bitcoin-linked exchange-traded fund (ETF) after launching its trading operation on the NYSE under the ticker “BITO”.
Moreover, Bloomberg’s analysts are predicting Valkyrie’s Bitcoin-ETF launch by the end of this week.
“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital asset ETF,” the statement given by Invesco’s spokesperson.
The Security and Exchange Commission is facing a deadline for applications from Invesco, VanEck, and Valkyrie this month. Moreover, the move from the SEC shows that it isn’t likely to block the products from start to next week.
In the current month, the Bitcoin price graph has shown a 40% hike among the expectation that the ETF will lead to greater investor acceptance of the digital currency.
