$1.5 Trillion Asset Manager Invesco Restarts Bitcoin ETF Filing

By Kevin • June 21, 2023 6:53 pm • Comments

It looks like some of the world’s largest asset managers are once again looking to get involved in the digital asset space due to institutional demand.

Invesco just revealed that the firm has decided to reactivate its Bitcoin ETF filing and reported that it had submitted the form to the SEC already.

This is quite significant news for the crypto industry given that Invesco is one of the largest asset managers and currently manages around $1.5 trillion in assets.

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Whether or not the Bitcoin ETF filing will actually be approved by the SEC this time is unknown.

History has shown that the SEC has constantly rejected all spot Bitcoin ETF filings in the past, but this is not stopping institutions from continually filing more requests.

Watcher.guru reports:

For context, Self Regulatory Organizations are required to file the aforementioned form with the SEC before making any changes to their rules, specifically with regard to trading rules. Invesco’s official filing noted,

“Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934, Cboe BZX Exchange, Inc. is filing with the Securities and Exchange Commission a proposed rule change to list and trade shares of the Invesco Galaxy Bitcoin ETF under BZX Rule 14.11(e)(4), CommodityBased Trust Shares.”

The exchange’s President green-flagged the proposed rule change on June 20, 2023.

Now, the exchange will announce the implementation date of the said rule change via the Exchange Notice.

The approval of a spot Bitcoin ETF would mean that it would allow more investors to gain access to the crypto market without actually having to deal with digital assets.

As a result, more capital would be able to enter the market easily which is why many asset managers in the past have filed for such a spot ETF.

Invesco is not the only firm that has filed for a spot Bitcoin ETF, but other large asset managers such as BlackRock and WisdomTree have also done the same thing.

With so much institutional demand from some of the largest asset managers in the world, perhaps there is a small chance that the SEC will finally approve one.

So far, the crypto market is in the middle of a bull run where the price of BTC has once again hit $29k.

DeCrypto.co reports:

Since then, Bitcoin has continued its uptrend, rising 11.6% over the week to hit $29,000, riding the wave of ETF applications and institutional support that followed BlackRock’s application.

Elsewhere in Europe, Germany’s largest bank Deutsche Bank reportedly filed an application with the country’s financial regulator for a crypto custody platform license, adding to the positive sentiment.

The bullish momentum in Bitcoin has also pulled up altcoin prices. ETH reclaimed the $1,800 level, which it lost after the SEC brought fresh lawsuits against Binance and Coinbase earlier this month.

The total market cap of all cryptocurrencies has increased by 6.2% in the last day to hit $1.18 trillion.

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