Invesco Seeks SEC Approval for Bitcoin ETF

Invesco, an investment management company with $1.4 trillion assets under management, has reapplied for a spot bitcoin exchange-traded fund (ETF) citing the need for investor protection and the potential for market manipulation. The company had previously dropped its efforts for a bitcoin futures ETF after the approved of a similar product by ProShares. Invesco emphasized that approval for a spot bitcoin ETF hinges on a surveillance-sharing agreement with a significant, regulated market to reduce the potential for market manipulation. The SEC has not yet indicated when it plans to announce a bitcoin ETF. Grayscale, which currently shares common ownership with CoinDesk in Digital Currency Group, has sued the SEC over its rejected bitcoin spot ETF.