Invesco Halts Efforts For Bitcoin ETF
The issuer is pulling out on the eve of ProShares’ fund debut.
Invesco said today it is halting its efforts to launch a futures-backed bitcoin ETF on the eve of ProShares’ launch of its own product. (Read: ProShares’ Bitcoin ETF Launches Tuesday).
In a statement, the asset manager and the fourth-largest U.S. ETF issuer by assets said it will stop pursuing the bitcoin-futures ETF in the “immediate near-term” and instead work with partner firm Galaxy Digital toward launching a physically backed ETF.
Invesco filed for a futures-based bitcoin ETF on the same day ProShares did in early August, after SEC Chairman Gary Gensler signaled his preference for a futures-based wrapper over a directly held fund. Both funds became effective Monday morning under the 75-day automatic effectiveness clause of the ETF Rule.
It is unclear why Invesco decided to halt its pursuit of a launch. The firm declined to offer more specifics.
The ProShares Bitcoin Strategy ETF (BITO) is scheduled to debut on the NYSE Arca on Tuesday, while the Valkyrie Bitcoin Strategy ETF (BTFD) is currently awaiting accelerated effectiveness from the SEC.
Valkyrie also changed the ticker of that fund from BTF late Monday afternoon, according to an updated SEC filing.
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