Investment management company Invesco (IVZ), which has $1.5 trillion assets under management, reapplied for a spot bitcoin (BTC) exchange-traded fund (ETF).
In 2021, Invesco first filed for a bitcoin ETF in conjunction with Galaxy Digital. It also filed for a bitcoin futures ETF, but dropped the effort in October 2021 after a futures ETF by ProShares was approved and began trading first.
In its filing, Invesco argued that the lack of a spot bitcoin ETF pushes investors towards riskier alternatives, as seen in insolvencies like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Invesco is one of the largest investment management companies in the world, with over $1.5 trillion in assets under management (AUM). This makes it the 11th largest asset manager in the world, according to the 2023 Global Custodian 500. The company is now one of the largest providers of mutual funds, exchange-traded funds (ETFs), and alternative investments in the world. Invesco's products are offered in over 20 countries.
A host of other ETF-related developments have taken place over the last few days. 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.
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