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The US SEC has extended the review period for Invesco Galaxy's application for a spot Ether ETF, with the deadline set for July 5. This follows similar delays for eight other potential Ether ETF issuers, including VanEck. Analysts express skepticism. (Read More)
Spot Ether ETFs might be weeks or months away from debuting on exchanges, as the ETF filers have yet to receive their S-1 SEC registration.
In a recent development, DiGiFT, a digital fund specializing in decentralized finance, has announced a strategic investment in Invesco’s Private Credit Token on the Arbitrum blockchain. This move marks a significant step in the integration of traditional financial instruments into the rapidly evolving world of decentralized finance. The partnership between DiGiFT and Invesco represents a [...]
The post DigiFT unveils new Invesco private credit token on Arbitrum platform appeared first on Crypto Breaking News.
With spot Bitcoin ETFs filings helping boost the price of Bitcoin, some suggest the “window to front-run institutional demand is closing.”
Last week, BlackRock, the world's largest asset manager, filed an application to register a spot Bitcoin exchange-traded fund (ETF) in the United States, spurring two more major issuers to pursue similar financial instruments. Yesterday (Tuesday), both Invesco and WisdomTree announced their intention to create their own spot Bitcoin ETFs.
Despite falling short of its previous attempts, BlackRock's recent move has boosted hopes that US regulators might finally approve such an instrument this time around.
Invesco Applies for Bitcoin ETF for the First Time since 2021
Invesco, an asset management company with $1.4 trillion under its wings, is seeking approval for a Bitcoin ETF for the first time since 2021. The company initially attempted to establish a spot Bitcoin exchange-trade fund in 2021 in collaboration with Galaxy Digital. Although unsuccessful in establishing a market-based instrument at the time, Invesco is now attempting to introduce this instrument again.
The Securities and Exchange Commission (SEC) has repeatedly rejected proposals for spot Bitcoin ETFs, albeit approving similar instruments based on cryptocurrency futures. Currently, Invesco argues that the absence of a spot Bitcoin ETF is driving retail investors towards more risky alternatives, such as the now-defunct FTX trading platform or exchanges like Binance and Coinbase, which are grappling with regulatory issues in the US.
WisdomTree Is the Next Company in Line
WisdomTree is also in the queue and looking to launch an ETF called the WisdomTree Bitcoin Trust. The ETF is planned to be listed under the symbol BTCW on the Cboe BZX Exchange. Like Invesco, WisdomTree submitted a similar application in 2021, which was ultimately rejected by the SEC in 2022, following months of delay in issuing a final decision.
Following BlackRock's lead, Bitwise Asset Management is applying for a spot Bitcoin ETF, having submitted their application on June 16. Additionally, there are rumors circulating in the industry that Fidelity, another asset management firm, will soon make a 'seismic move' in the digital asset market.
UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH. Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon. **Blackrock and Fidelity will own…
— Andrew (@AP_Abacus) June 18, 2023Industry experts believe that Fidelity, like BlackRock, could seek to establish a cryptocurrency ETF, aiming to capture some market share from Coinbase and Binance, both of which are embroiled in legal disputes with the SEC.
Bitcoin Gains from Wall Street Giants' Support
As a result of the wave of applications for cryptocurrency ETFs, the price of Bitcoin has been on a dynamic rise. On Wednesday, Bitcoin is testing at around $29,000, which is its strongest price in over a month. During Tuesday's session, the value of the oldest cryptocurrency increased 5.5%, marking its most robust single-day gain in two weeks. Previously, such a dynamic move was seen in March 2023.
Wall Street giants have just submitted applications to the SEC to establish new financial instruments, and no one promises that the situation will differ from two years ago. However, the current licensing pressure on the industry in the US might prompt regulators to view regulated providers of financial instruments in a more favorable light.
This article was written by Damian Chmiel at www.financemagnates.com.Bitcoin’s total market cap crossed above 50% yesterday, June 19, for the first time in months, data from Tradingview showed. It has retained its market dominance, thanks to a spurt of ETFs filed by some of the biggest fintech powerhouses. The latest to jump on the bandwagon is $1.5 trillion asset manager Invesco which dropped its […]
Invesco, a prominent investment management company with $1.5 trillion in assets under management, has refiled an application for a spot Bitcoin exchange-traded fund (ETF), signaling its continued interest in the rapidly growing cryptocurrency market. The decision comes in response to BlackRock’s recent application for its own spot bitcoin ETF, which has spurred other firms to […]
Invesco has launched the fund to invest in startups building the metaverse. The fund will invest in large, medium, and small-scale businesses worldwide. (Read More)
Invesco has finally launched a physical Bitcoin exchange-traded product in Europe, just after a few weeks of withdrawing a filing for a Bitcoin future exchange-traded fund in the US. (Read More)
Shortly after withdrawing a futures-based offering in the U.S., the asset manager has entered Europe with a spot-based one.
Invesco eventually talked about what prompted it to pull out its filing for Bitcoin futures ETF. The firm faulted SEC rules for the disaster. (Read More)
Invesco’s latest exchange-traded fund (ETF) is bringing the first crypto ETF to India, exposing the country’s investors to the crypto asset class and blockchain development. Covered: First Crypto ETF In India India’s History With Crypto pic.twitter.com/N92w1QVvKy — Bitcoin (@Bitcoin) November 16, 2021 In typical crypto fashion, Bitcoin and the overall market are crashing today (total […]
The post First Crypto ETF Lands In India — This Is What It Means For India’s 1.3 Billion Population appeared first on CryptosRus.
Sources told CNBC that the Securities and Exchange Commission is set to allow the first Bitcoin futures ETF to go live in the U.S.
American independent investment management company Invesco Ltd has announced the launch of two Exchange Traded Funds in the U.S. (Read More)
Investment management firm, Invesco, is preparing to make crypto ETFs available to investors. The company has partnered with Galaxy Digital Holdings Ltd to expand its existing exchange-traded funds. (Read More)
The fund management giant Invesco Mutual Fund has submitted documents to the SEC of India to invest in Invesco Elwood Global Blockchain UCITS Exchange Traded Fund. (Read More)
The SEC has extended the review period for Invesco and Galaxy Digital's Ether ETF, potentially extending it for up to 240 days, allowing for public commentary. (Read More)
Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January. Asset Manager Files For Spot Ethereum ETF Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. Related Reading: SEC Delays Spot Ethereum ETF Decision; $GFOX to Outperform $ETH in 2024 The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors. James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants. According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian. It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.” Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards. The Price Of ETH Rallies Amidst The Update Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets. Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000 Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume. Featured image from iStock, chart from Tradingview.com
The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured and protected regulatory environment.
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