Invesco has reportedly abandoned its plans to launch a Bitcoin futures ETF
Invesco has not yet formally withdrawn the ETF
As reported by Bloomberg, major investment firm Invesco appears to no longer be interested in launching a Bitcoin futures exchange-traded fund (ETF). A spokesperson of Invesco stated, “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 a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed digital asset ETF”.
Invesco has not yet filed a notice with SEC formally withdrawing the ETF application. On Monday, it announced that the company will delay the effective date of its Bitcoin Strategy ETF, the name of its futures fund, until late October. Issuers typically make these filings when they have not yet received all the necessary approvals to launch an ETF.
Investors hope SEC approves a physically-backed product
In the meantime, SEC approved a Bitcoin Futures ETF in the U.S. on Oct. 15. While this is a significant milestone considering the regulator has rejected several applications over the years, analysts say a product that invests directly in BTC would be preferable and investors hope the SEC approves a physical Bitcoin ETF soon.
Grayscale, the world’s largest cryptocurrency asset manager, is also more of a fan of a physically-backed ETF and announced it plans to apply to the SEC to convert its BTC trust into a Bitcoin spot ETF in the future.