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Atlanta-based investment company Invesco is planning to launch a new Bitcoin (BTC) exchange-traded fund, or ETF, that will not invest in BTC directly.
On Wednesday, Invesco filed an application with the United States Securities and Exchange Commission (SEC) to list a new investment product called Bitcoin Strategy ETF.
Invesco Bitcoin Strategy ETF aims to meet its investment objective by investing all or substantially its assets in Bitcoin futures, exchange-traded products (ETPs), and Bitcoin-linked private investment funds like the Grayscale Bitcoin Trust. According to the filing notes, the fund could also invest in Bitcoin ETFs that are not listed in the United States.
As collateral investments, the fund plans to invest any remaining assets in cash, cash-like instruments or high-quality securities. High-quality securities, including U.S. government securities such as bills, notes, bonds and money market funds, may be used as collateral. Invesco stated that the collateral was intended to provide liquidity and serve as margin for or collateralize the subsidiary’s investments in Bitcoin futures.
According to the filing, this new fund is "nondiversified", meaning it won't be required to satisfy certain diversification requirements under The Investment Company Act of 1940.
Cointelegraph previously reported that Invesco was actively involved in the recent adoption of crypto- and blockchain-related ETFs. In March 2019, the company launched a blockchain ETF on the London Stock Exchange, initially targeting 48 companies involved in the blockchain technology industry. As of early July 2021, the fund has amassed over $1 billion in assets since its inception.
Invesco's new Bitcoin ETF is now part of a long list that still awaits approval by the SEC. The authority has not approved any Bitcoin ETFs so far. The authority has continued delaying decisions on multiple crypto ETFs this year after rejecting a series of Bitcoin ETFs previously. Other jurisdictions have seen more success in adopting crypto ETFs, with a number of Bitcoin ETFs already trading in countries like Canada.
