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In a Friday filing, Invesco, a fund group managing assets worth nearly $1.6 trillion, is advancing into the crypto domain. Recently, the company unveiled its intent for the Invesco Galaxy Ethereum ETF. This strategic move involves Galaxy Digital Funds, which will act as the execution agent and manage the sale of ether. Notably, this ETF will directly hold ether, setting it apart from several ether futures ETFs poised to debut soon.
Competitive Crypto ETF Landscape
However, Invesco is one of many contenders, with Ark Invest and 21Shares introducing their plans for a spot ether ETF earlier this month. Moreover, VanEck, having initiated a spot ether ETF proposal in 2021, is awaiting the US Securities and Exchange Commission’s nod. Another intriguing suggestion is from Hashdex, aiming for a mixed fund comprising both ether futures and spot ether exposures.
Significantly, the timing of these proposals is pivotal. Grayscale Investments celebrated a landmark court win against the SEC not long ago. Acclaimed by many crypto enthusiasts, this verdict might have accelerated the momentum for such spot ether ETFs.
Furthermore, Invesco’s foray into the digital asset space has existed for a while. Their partnership with Galaxy Digital struck in September 2021 and aimed at crafting physically-backed crypto ETFs. The alliance promised to integrate institutional-grade crypto management with global ETF expertise, potentially heralding a new era for the crypto industry.
Regulatory Hurdles and the Future of US Crypto ETFs
Moreover, shortly after BlackRock’s splash into the crypto sphere, Invesco, too, submitted its proposal for a spot Bitcoin ETF. Interestingly, while numerous countries have embraced spot crypto ETFs, the SEC remains hesitant, postponing decisions like the Ark 21Shares Bitcoin ETF.
Consequently, as the crypto landscape evolves, various fund groups are racing to launch diverse crypto products. Among them, Ark Invest’s ambitious goal is to spearhead the US crypto ETF market with a comprehensive offerings suite, potentially revolutionizing how traditional finance users access digital assets.
The next few months promise to be critical for the US crypto ETF market, with several significant players vying for the top spot. The decisions of regulatory bodies and the evolution of the market will undoubtedly shape the future of crypto investments.
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