• Two asset managers, Invesco and WisdomTree filed to launch a Bitcoin ETF in the US following BlackRock’s example.
• Invesco has renewed its ambitions to launch a BTC Spot ETF in the United States. They initially filed in 2021 with Galaxy Digital.
• WisdomTree also submitted a similar application to the SEC for the release of a Bitcoin Spot ETF.
Efforts by Asset Managers
Two asset managers, Invesco and WisdomTree have resubmitted their filings for the release of a BTC Spot ETF in America nearly a week after BlackRock’s example. Invesco – an American investment company with over $1.4 trillion of assets under management – reactivated its attempts to launch a Bitcoin Spot exchange-traded fund (ETF) in the United States. WisdomTree – another US finance giant – submitted a similar application to the SEC.
Invesco Joins Race
Eric Balchunas – analyst at Bloomberg Intelligence – revealed on his Twitter account that Invesco has renewed its ambitions to launch a BTC Sport ETF in the United States. The company’s initial filing came in 2021 when it collaborated with Galaxy Digital; however, they abandoned these intentions at the end of 2021 to focus on launching an ETF that allows customers to invest directly into Bitcoin based on its actual market price. Although still waiting for approval from the US SEC, Invesco has already released such product in Europe as “Invesco Physical Bitcoin” ETN (ticker: BTIC).
WisdomTree Submits Application
WisdomTree is another financial giant which submitted an application similar to those of Invesco and BlackRock for releasing a BTC Spot ETF. This move comes shortly after BlackRock’s filing with securities regulator for introducing such product into US marketplaces.
SEC Still Wary Of Approving Crypto Assets
The Securities and Exchange Commission (SEC) remains wary about approving crypto-based products due to their high volatility and lack of regulations regarding this digital asset class yet it has been giving more leeway lately; earlier this year it approved two applications by NYDIG and Valkyrie Digital Assets seeking permission from them respectively for Bitcoin Investment Trust Fund and Ethereum Trust Fund.
Conclusion
The race is now heating up between these large businesses who are looking forward towards introducing crypto-assets into mainstream investments but whether or not they will be able get approval from SEC remains uncertain due to their strict conditions set out under regulatory guidelines so far implemented in America concerning cryptocurrency markets .