Founded in 1935, Atlanta-based Invesco is an independent investment firm that supervise over $ 1.5 trillion in assets under management and provides 233 different ETFs in the United States for investors to gain exposure.
On Thursday, the investment firm filed a Bitcoin ETF under Law 40, which impacts the registration and requirements of investment firms and strengthens financial regulation. It was filed under the leadership of new SEC chairman Gary Gensler, who believes the law will provide significant protection for investors.
According to the deposit, the ETF clarifies that it will not provide direct exposure to Bitcoin, but rather a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin.
“The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing all or substantially all of its assets in exchange-traded futures contracts on Bitcoin and collateral investments (such as as defined below). The Fund will not invest directly in Bitcoin. The Fund may also invest to a lesser extent in exchange traded products and private OTC investment trusts that provide exposure to or directly hold Bitcoin (collectively, the “Bitcoin Assets”).
The ETF would primarily provide price exposure from Bitcoin futures, the Grayscale Bitcoin Trust Fund (GBTC), and several Canadian Bitcoin ETFs.
Invesco is the first company to deposit a Bitcoin ETF following the new provisions set out by President Gensler. However, the United States has not yet approved a Bitcoin ETF. Invesco’s app sits on top of a stack of more than a dozen US Bitcoin ETF apps awaiting SEC approval.
While the United States has remained on the sidelines, other countries have already plunged into the Bitcoin ETF scene. In February, the Purpose Bitcoin ETF open on the Toronto Stock Exchange. A month later, Brazilian digital asset manager QR Capital spear the first Bitcoin ETF in Latin America.
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Image en vedette : Shutterstock/Gonin