Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but thereâs a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:
âWe have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETFâ.
Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.
Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.
Grayscale Preparing for a Spot Bitcoin ETF
Worldâs largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.
Following a âclear, formal indicationâ from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.
Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale wonât be giving up to the SECâs whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.
The post Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.