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The Atlanta-based investment management firm Invesco has just filed with the U.S. Securities and Exchange Commission for the approval of a bitcoin (BTC) strategy exchange-traded fund (ETF). It was supposed to be a quiet filing until eagle-eyed financial pundits found it out.
Invesco’s bitcoin ETF proposal
Invesco field for a bitcoin ETF on Thursday, though they made it clear that the said fund will not directly invest in BTC. Instead, its game plan is to give exposure to the BTC price largely through exchange-traded futures, and to a lesser extent, exchange traded products (ETP), and private investment trusts that own bitcoin.
Invesco’s recent SEC filing for a bitcoin strategy ETF falls under the Investment Company Act of 1940 (40 Act) which is an act of Congress that regulates investment funds. In line with this, on Tuesday, SEC Chairman Gary Gensler was at the Aspen Security Forum where he recently commented about bitcoin including some possible paths to a BTC ETF. On the said event, he also stated that he believes that the act gives considerable investor protections adding that such will be utilized to evaluate applications.
That said, reports also suggest that Invesco was the first company to file after what was preferred by the SEC chairman. Once the filing gets the green light, the bitcoin ETF of the investment management firm is pitched to be effective 75 days after it was filed.
Eric Balchunas – Senior ETF analyst from Bloomberg tweeted about stating that it was a “rare 6 a.m. filing=rushed it out” adding that he won’t be surprised if he sees five to 10 similar filings from other firms by Friday night.
The ETF is said to largely roll out exposure to bitcoin futures, some Canadian BTC ETFs, as well as Grayscale Bitcoin Trust.
Not just Invesco
It’s not just Invesco that seeks bitcoin ETF approval in the U.S. Similar firms like Viridi Funds, Goldman Sachs, and Grayscale Bitcoin Trust. These three have done the same thing as
Invesco’s or have begun offering investment platforms related to bitcoin ETFs.
Invesco Solar ETF
Invesco is indeed making some big moves as of late as it also listed an ETF on the London Stock Exchange dubbed the Invesco Solar Energy UCITS ETF. Reports suggest that it will focus on global companies that are paving the way in solar energy technology. Further, this will keep an eye on the performance of the MAC Global Solar Energy index which was made by solar energy experts and is being handled by S&P Dow Jones indices.
The company’s head of EMEA ETF and indexed strategies – Gary Buxton said that despite the various things that are not being agreed upon by the world’s major economies, he pointed out that its leaders are in unison in tackling climate change.
MAC Solar Index Managing Director Richard Asplund revealed that they’ve been working alongside Invesco for 13 years now and they’re excited that they are bringing their solar index investors to Europe. He went on to say that the index methodology is similar to when they created it back in 2008.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
