- Asset management firm Invesco reignites its spot Bitcoin ETF filing by submitting form 19b-4 to the U.S. Securities and Exchange Commission.
- WisdomTree Investments, one of the largest U.S. asset managers, follows suit by filing for a Bitcoin ETF, joining Invesco and BlackRock in the race.
In the accelerating world of digital assets, asset management colossus Invesco has breathed new life into its spot Bitcoin Exchange Traded Fund (ETF) filing by submitting form 19b-4 to the U.S. Securities and Exchange Commission (SEC). This move represents a significant stride towards providing investors with a regulated indirect exposure to Bitcoin.
A Form 19b-4 filing is a requirement for Self-Regulatory Organizations intending to change their trading rules. Invesco’s filing proposes a rule change to list and trade shares of the Invesco Galaxy Bitcoin ETF, thereby adhering to BZX Rule 14.11(e)(4) governing Commodity-Based Trust Shares. The Cboe BZX Exchange President greenlighted this proposed rule change on June 20, 2023, with the implementation date to be declared via Exchange Notice.
Designed to use professional custodians and service providers, the Invesco ETF aims to offer investors indirect exposure to Bitcoin while offering important protections against insolvency, cyberattacks, and other risks. Such safeguards can prove elusive when investors deal directly with the asset. By enabling investors to use regulated platforms for Bitcoin investments, Invesco argues that they can shield their principal investments better and enjoy more significant benefits.
Simultaneously, WisdomTree Investments, a well-known U.S. asset manager, has thrown its hat into the Bitcoin ETF ring. Following in the footsteps of Invesco and multi-trillion dollar asset manager BlackRock, WisdomTree has submitted a filing for a spot Bitcoin ETF.
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WisdomTree seeks to offer exposure to Bitcoin prices through its Bitcoin Trust while maintaining low expenses. The Trust aims to hold Bitcoin to realize this objective, as declared in its SEC filing. The proposed WisdomTree Bitcoin ETF also plans to employ an independent pricing source in the valuation of its Bitcoin.
These developments indicate an increasing interest among mainstream U.S. financial companies in the cryptocurrency sector, despite recent SEC lawsuits against market leaders Coinbase and Binance. The surge of ETF filings suggests a growing confidence in digital assets and a keen desire to bring institutional investors into the crypto market.
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