Invesco, an investment management organization overseeing assets worth $1.49 trillion, recently filed a new application for a spot bitcoin exchange-traded fund (ETF).
The move follows Invesco’s initial joint application with Galaxy Digital in 2021.
The latest filing highlights Invesco’s strong belief in the pressing necessity for a spot bitcoin ETF, emphasizing that the absence of such a product exposes investors to riskier alternatives.
The company cited instances of platform companies facing bankruptcy, including FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
According to a recent filing with the Securities and Exchange Commission (SEC), Invesco has again shown keen interest in establishing a spot bitcoin ETF. The application emphasizes the urgent need for such a product, as the lack thereof leads investors towards riskier options. Invesco believes that the availability of a spot bitcoin ETF would provide investors with a safer and more regulated investment alternative.
The recent application by BlackRock, a key participant in the investment management industry, likely encouraged Invesco to reapply for the position.
As interest and competition in the market for cryptocurrency ETFs continue to rise, several well-known companies, including iShares, Bitwise, and WisdomTree, have also filed for spot bitcoin ETFs in the past week.
CoinGape reported a significant jump in the price of bitcoin over the previous 24 hours, with a gain of 6.9%. Furthermore, bitcoin’s price has experienced a noteworthy increase of 10.6% over the past week.
According to Tradingview, bitcoin’s market dominance has surpassed 51%, indicating its strong position as the leading cryptocurrency in the market.
The conclusion reached by the United States Securities and Exchange Commission (SEC) that a substantial portion of alternative cryptocurrencies should be classified as securities may have far-reaching repercussions for the market.
In contrast, bitcoin, designated by the SEC as a commodity, may be viewed as a more established and regulated investment alternative due to this designation.
As the race for bitcoin ETF approval intensifies, and market dynamics evolve, investors eagerly await regulatory decisions that could shape the future of digital asset investment opportunities.
Invesco’s new application demonstrates the growing demand for a spot bitcoin ETF. It underscores the industry’s efforts to provide investors with safer and more regulated options in the evolving cryptocurrency landscape.
