‘Bitcoin market has matured’: WisdomTree, Invesco file for spot ETFs
Investment firms Invesco and WisdomTree are making more attempts to secure approval to launch spot bitcoin exchange-traded funds (ETFs) following initial rejections. Their renewed efforts come just days after the world’s largest asset manager BlackRock made its own bid to launch such a fund. In its Tuesday filing, Invesco contends that the lack of a spot bitcoin ETF puts US investors at considerable risk, as they may resort to utilizing unreliable digital asset accounts, like many did with FTX, Celsius, BlockFi and Voyager. Availability of a spot bitcoin ETP could have resulted in billions of dollars remaining invested in a regulated and well-understood structure, rather than being tied up in proceedings, it added. Invesco, one of the largest ETF issuers in the world, had $1.4 trillion assets under management as of April. Invesco is pursuing approval to list the “Invesco Galaxy Bitcoin ETF” on the Cboe BZX exchange, while WisdomTree is seeking to list the “WisdomTree Bitcoin Trust...