Global asset management firm Invesco has reactivated its spot Bitcoin ETF filing. The firm just submitted form 19b-4 to the U.S. Securities and Exchange Commission.
Also Read: Crypto: $172 Million Wiped Out From ETPs in 2023
ETF to help investors get indirect exposure to Bitcoin
For context, Self Regulatory Organizations are required to file the aforementioned form with the SEC before making any changes to their rules, specifically with regard to trading rules. Invesco’s official filing noted,
“Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934, Cboe BZX Exchange, Inc. is filing with the Securities and Exchange Commission a proposed rule change to list and trade shares of the Invesco Galaxy Bitcoin ETF under BZX Rule 14.11(e)(4), CommodityBased Trust Shares.”
The exchange’s President green-flagged the proposed rule change on June 20, 2023. Now, the exchange will announce the implementation date of the said rule change via the Exchange Notice.
By using professional custodians and other service providers, the trust will provide investors indirect exposure to Bitcoin. Doing so will provide investors “important protections” that are not always available to them when they invest directly in the asset. Via this investment product, they’ll receive protection against insolvency, cyber attacks, and other risks.
In the filing, the firm contended that if investors have access to other vehicles for their Bitcoin investments, instead of directing their funds into “loosely regulated offshore vehicles,” then they could protect their principal investments in BTC and benefit from the same.
Leaving aside the latest Invesco news, a host of other ETF-related developments have taken place over the last few days. Earlier today, WisdomTree Investments, a prominent asset manager in the U.S., filed for a spot Bitcoin ETF. Before this, multi-trillion dollar asset manager BlackRock applied for a spot Bitcoin ETF too.
Also Read: $87 Billion Asset Manager WisdomTree Files Spot Bitcoin ETF