Invesco and Galaxy Digital have filed a joint application with the SEC to launch a Bitcoin ETF, while Amplify wants to launch an ETF on BTC futures and stocks of cryptocurrency-related companies.
According to filings with the US Securities and Exchange Commission (SEC), market participants do not give up hope for the launch of cryptocurrency ETFs. Thus, Invesco and Galaxy Digital are planning to launch the Invesco Galaxy Bitcoin ETF linked to the Bloomberg Galaxy Bitcoin Index. At the same time, companies will store BTC for ETF collateral.
Amplify plans to launch the Amplify Decentralized Finance & Crypto Exposure ETF, which will invest in Bitcoin futures, Canadian Bitcoin ETFs and companies that hold over 50% of their net assets in BTC, ETH or other “liquid” cryptocurrency. The Amplify filing has not yet specified a custodian for cryptocurrencies.
“Initially, the fund plans to directly invest up to 15% of its total assets in the Grayscale Bitcoin Trust (GBTC) and Canadian Bitcoin ETFs,” the filing said.
The SEC is currently considering more than a dozen proposals for launching various cryptocurrency funds, including ETFs for BTC and ETH, as well as for futures of the largest cryptocurrencies. It was recently revealed that Fidelity Investments held a presentation to the SEC in an attempt to convince the regulator to approve the exchange-traded product.
Recall that in August, Invesco already filed an application with the SEC to launch an ETF for Bitcoin, and in June announced plans to launch two exchange-traded funds related to cryptocurrencies and blockchain. Grayscale CEO recently suggested that the SEC is unlikely to approve ETFs for BTC futures, as such an exchange-traded fund would be expensive and economically ineffective.
Earlier, leading analysts at Bloomberg suggested that the SEC would soon approve the launch of an ETF on bitcoin derivatives, and the exchange-traded fund would be launched by the end of October.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.