Invesco, an investment management giant with $1.4 trillion in assets under management, has made a second pass a spot Bitcoin exchange-traded fund (ETF), after first filing for one in 2021 in conjunction with Galaxy Digital.
The firm’s original plan also saw it file for a Bitcoin futures ETF, in an effort that was dropped in October 2021 after a futures ETF from ProShares was approved and started trading first. Invesco’s application builds a case that the absence of a spot bitcoin ETF propels investors to riskier options.
These riskier options, Invesco said, were seen in the insolvencies of cryptocurrency firms including FTX, Celsius Network, BlockFi, and Voyager Digital. The company underscored the pressing need for measures to shield investors from these precarious scenarios.
Invesco holds that the key to ensuring a spot bitcoin ETF receives regulatory approval lies in establishing a surveillance-sharing agreement with a heavily-regulated market. The approach aligns with that of the world’s largest asset manager BlackRock, which filed for a spot Bitcoin ETF last week.
Such surveillance-sharing agreements could considerably mitigate the risk of market manipulation by enabling the sharing of data regarding trading activities, clearing procedures, and customer identification.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/21/
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