Independent investment firm Invesco, which currently operates 233 ETFs in the U.S., quietly applied for a Bitcoin ETF on Thursday.
The filing for a Bitcoin Strategy ETF falls under the 40 Act, a notable move that follows public recommendations by SEC Chairman Gary Gensler. Gensler spoke of the potential paths to a Bitcoin ETF earlier this week, at the time stating that he believes the act “provides significant investor protections” and that it will be used to evaluate applications.
Invesco is the first firm to file after the preferences expressed by Gensler. Eric Balchunas, senior ETF analyst for Bloomberg noted on Twitter that it was a “rare 6am filing = rushed it out. Won’t be surprised if we see 5-10 of these by Friday night.”
Noted in bold on the filing is that “the Fund will not invest directly in bitcoin.” The fund’s strategy is to provide exposure to the bitcoin price largely through exchange-traded futures, and to a lesser extent, exchange traded products, and private investment trusts that hold bitcoin.
The ETF would largely provide price exposure to bitcoin futures, Grayscale Bitcoin Trust, as well as several Canadian Bitcoin ETFs.
Invesco’s filing is just one among a series of funds seeking Bitcoin ETF approval in the United States. Notably, Goldman Sachs, Grayscale Bitcoin Trust, and Viridi Funds have all recently filed for or begun to offer investment vehicles tied to Bitcoin ETFs.
A Bitcoin ETF would give a massive boost to adoption, providing Bitcoin price exposure to millions of Americans.
If approved, the Invesco ETF is proposed to become effective 75 days after its filing.
Image via Invesco website