Popular investment firm Invesco is delaying the launch date of its new bitcoin ETF. The news comes at an ironic time given that Pro Shares is pulling back the curtain on its own crypto ETF, which has been trading on the New York Stock Exchange (NYSE) for the past week.<\/p>\n
The journey of bitcoin ETFs in the U.S. has been a rocky one. Companies such as Van Eck have been trying for years to get greenlights on their products, only to be repeatedly and ungraciously rejected by the Securities and Exchange Commission (SEC). The company first began sending applications to the SEC\u2019s \u201cconsideration file\u201d in 2017. This one \u2013 along with the second attempt \u2013 resulted in quick dismissals, though the third appeared to be something the agency was taking seriously.<\/p>\n
Sadly, things ultimately took a nasty turn when several delays were incurred. The process took a long time and the SEC kept putting its decision off. Ultimately, Van Eck pulled the plug on its own application. Other firms, such as Bitwise, also submitted proposals with little or no success.<\/p>\n
While Invesco is not halting its product altogether, it\u2019s moving its application filing date to October 29. Maneuvers like this usually occur when a firm is unable to satisfy all the regulatory procedures in due time. In a statement, Invesco announced:<\/p>\n
\nWe have determined not to pursue the launch of a bitcoin futures ETF in the immediate near term. However, we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed digital asset ETF.<\/p>\n<\/blockquote>\n
The acceptance of the Pro Shares crypto ETF is likely to open several doors for many other companies \u2013 some of which are WisdomTree and Van Eck \u2013 who are anxiously awaiting approval on their current ETF applications. The news is good, though analysts are critical of the present structuring of these products, which are not based on physical bitcoin but on bitcoin futures.<\/p>\n
Many of these analysts consider bitcoin futures to be inferior products. The technology is regulated by an old 1940s mutual fund rule that many experts claim is not adaptive enough to cover modern products. In addition, it has been said that bitcoin futures do not expose investors to full gains.<\/p>\n
For example, if bitcoin shoots up by 30 percent, investors trading in bitcoin futures are only likely to experience returns of roughly 20 percent. Thus, they miss out when compared with individuals directly purchasing and trading crypto on digital exchanges.<\/p>\n
Bitcoin Could Boom Even More<\/h2>\n
Bitcoin is presently trading for more than $61,000. Tim Frost \u2013 CEO of fintech Yield App \u2013 explained:<\/p>\n
\nIf it can hold $60K and even push through the all-time high of $64,804 achieved in April this week, we may see a big Christmas present for bitcoin investors.<\/p>\n<\/blockquote>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Popular investment firm Invesco is delaying the<\/p>\n","protected":false},"author":3,"featured_media":142530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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