
$1.5 Trillion Asset Manager Invesco Restarts Bitcoin ETF Filing
• June 21, 2023 6:53 pm • CommentsIt 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.
Trending: JFK-Inspired Meme Coin Explodes After President Trump Signs Executive Order Declassifying JFK Files
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.
JUST IN: $1.49 trillion Invesco officially reactivates its spot #Bitcoin ETF filing pic.twitter.com/jxdwb2c9Pg
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2023
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.
WisdomTree, Invesco and BlackRock are now all gunning for a Bitcoin ETF https://t.co/TlW3igCNGH
— The Block (@TheBlock__) June 21, 2023
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.
Invesco and Wisdomtree is joining Blackrock and Fidelity to file for a #Bitcoin spot ETF 🤯🌊📈
If you don't understand what this means. Let me spell it to you! Wallstreet is coming for #BTC the largest liquidity pool on earth is tapping into Bitcoin! #Crypto #HODL
35K coming! pic.twitter.com/UFnM6EXe8r— Seth (@seth_fin) June 21, 2023
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.