- Asset management firm Invesco has submitted a new application for a Bitcoin
- The company previously applied for a Bitcoin ETF in 2021 but was unsuccessful.
- Invesco argues that the lack of a spot Bitcoin ETF pushes investors towards riskier options.
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Invesco, a company managing around $1.5 trillion in assets, has joined the race for a Bitcoin ETF following BlackRock’s recent application. The firm had previously applied for a Bitcoin ETF in 2021 but was unsuccessful.
Invesco Reapplies for Bitcoin ETF
Invesco has submitted a new application for a spot Bitcoin ETF. In 2021, the company had collaborated with Galaxy Digital for a Bitcoin ETF application but did not pursue it further when it seemed unlikely to be approved. Invesco had also applied for a futures-based Bitcoin ETF during the same period.
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The recent Bitcoin ETF application by BlackRock, the world’s largest asset manager, has reignited Invesco’s interest in pursuing its own ETF. As investment firms submit their applications one after another, Invesco has now joined the fray.
Invesco argues that the absence of a spot Bitcoin ETF in the market pushes investors towards riskier options. The firm cited the bankruptcy of FTX and the collapse of Voyager as examples. Invesco believes that if a Bitcoin ETF is approved, the spot Bitcoin market could become a safer environment for investors.
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BlackRock’s application, with the firm managing $10 trillion in assets, has cornered the SEC and increased market appetite for a Bitcoin ETF.