Celsius

Galaxy

Bitcoin

Spot

Bold

<p>Invesco (IVZ), a reputable investment management company boasting a colossal $1.4 trillion in assets under management, has once again ventured into the realm of Bitcoin exchange-traded funds (ETFs). The company recently announced its renewed application for a spot Bitcoin ETF, a move that reveals a steadfast determination to navigate the complex and often nebulous world of cryptocurrency investment.</p> 
<p>Invesco’s journey into Bitcoin ETFs is not a new endeavor. In 2021, the firm partnered with Galaxy Digital and initiated its first Bitcoin ETF application. However, the tide shifted as a Bitcoin futures ETF by ProShares gained approval and launched ahead of Invesco’s offering. Consequently, Invesco judiciously withdrew its application, shifting its focus towards a Bitcoin futures ETF, only to retreat from this pursuit as well.</p> 
<h2 style="text-align: center;" id="the-necessity-of-spot-bitcoin-etfs">The Necessity of Spot Bitcoin ETFs</h2> 
<p>Invesco’s reapplication is propelled by a cogent argument: the lack of a spot Bitcoin ETF pushes investors towards riskier alternatives, as evidenced by recent insolvencies such as FTX, Celsius Network, BlockFi, and Voyager Digital Holdings. The firm, thus, contended that the introduction of a spot Bitcoin ETF could serve as a bulwark against such financial turmoil, offering investors a safer avenue for crypto investment.</p> 
<h2 style="text-align: center;" id="the-critical-role-of-surveillance-sharing-agreements">The Critical Role of Surveillance-Sharing Agreements</h2> 
<p>Invesco also emphasized the critical role of investor protection in this equation, contending that the approval of a spot Bitcoin ETF hinges primarily on a surveillance-sharing agreement with a significant, regulated market, rather than on the regulation of the spot Bitcoin market itself.</p> 
<p>Surveillance-sharing agreements are instrumental in facilitating the exchange of information concerning market trading activity, clearing processes, and customer identification. Such agreements could significantly reduce the potential for market manipulation, a matter of utmost concern for the Securities and Exchange Commission (SEC).</p> 
<h2 style="text-align: center;" id="aligning-with-industry-giants">Aligning with Industry Giants</h2> 
<p>Invesco’s stance finds resonance with industry giant BlackRock, which echoed similar sentiments in its filing. BlackRock proposed that Nasdaq, a significant regulated market, could potentially fulfill the role required for such surveillance-sharing agreements. This shared perspective underscores the prevalent apprehension regarding market manipulation related to Bitcoin prices, a recurring theme in the SEC’s previous rejections of Bitcoin ETFs.</p> 
<h2 style="text-align: center;" id="awaiting-the-sec-s-verdict">Awaiting the SEC’s Verdict</h2> 
<p>The SEC, the regulatory body overseeing these applications, has yet to provide an indication as to when it will announce its decision on a Bitcoin ETF. Meanwhile, other industry players are taking legal recourse. Grayscale, for instance, has initiated a lawsuit against the SEC over its rejected Bitcoin spot ETF, with a decision expected by September.</p> 
<p>The reactivation of Invesco’s spot Bitcoin ETF filing highlights the firm’s persistence and commitment to providing safer crypto investment options. As the crypto market continues to mature, this move could signify a paradigm shift in the way institutional investors engage with cryptocurrencies, while also underscoring the critical role of surveillance-sharing agreements in ensuring market transparency and investor protection.</p>

Invesco’s Bold Move: Reactivation of Spot Bitcoin ETF Filing

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