Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF

By Bhushan Akolkar
Published October 19, 2021 Updated October 19, 2021
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Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF

By Bhushan Akolkar
Published October 19, 2021 Updated October 19, 2021

We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but there’s a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:

“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”.

Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.

Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.

Grayscale Preparing for a Spot Bitcoin ETF

World’s largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.

Following a “clear, formal indication” from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.

Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale won’t be giving up to the SEC’s whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
829 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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