Invesco Reportedly Abandons Plans to Launch Bitcoin Futures ETF

Hours earlier than the primary Bitcoin Futures ETF is anticipated to begin buying and selling on the New York Stock Exchange (NYSE), Invesco has reportedly dropped its plans to launch the same product.

• According to Bloomberg, main funding administration agency Invesco appears not within the race to launch a Bitcoin Futures exchange-traded fund (ETF).
• While Invesco didn’t give any purpose for its withdrawal, seeing because it was shut to additionally receiving approval, a spokesperson for the corporate stated that it will work on launching a physically-backed Bitcoin ETF.

• “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.”

• Investors and stakeholders within the United States have been wanting ahead to a Bitcoin ETF approval from the Securities and Exchange Commission (SEC). Countries like Canada and Brazil have already got a number of greenlighted exchange-traded funds monitoring the efficiency of BTC.
• Meanwhile, on October 15, the SEC allowed a Bitcoin Futures ETF to launch within the U.S. While this is a significant milestone, contemplating the regulator’s rejections of a number of purposes over time, the business would favor a product that straight invests in BTC and hopes that the SEC would approve an ordinary Bitcoin ETF quickly.
• SEC Chairman Gary Gensler has, nevertheless, expressed help for a futures-backed Bitcoin ETF, stating that it presents higher safety for buyers.
• The first Bitcoin Futures ETF product by ProShares is anticipated to start buying and selling on the NYSE on Tuesday, October 19.
• Meanwhile, Grayscale, the world’s largest cryptocurrency asset supervisor, reportedly plans to apply with the SEC to convert its BTC Trust to a Bitcoin spot ETF.