Invesco plans to launch a series of products backed by Bitcoin and other digital currencies, according to the Wall Street Journal. The investment powerhouse, currently managing over $1.3 trillion worth of assets, intends to achieve this through a key collaboration. Invesco plans to establish US-listed ETFs in collaboration with Galaxy Digital Holdings. These funds will trade like stocks, in addition to tracking the performances of BTC and other digital currencies. Invesco is currently one of the largest exchange-traded fund providers in the United States.
Trading digital currencies like ‘stock’ is subject to approval by the securities and exchange commission (SEC). However, whenever that happens, Invesco and Galaxy Digital plan to make the most of it with the proposed crypto ETF.
According to reports making the rounds, US authorities might greenlight a Bitcoin ETF by the end of October. Mike McGlone, a commodity strategist at Bloomberg Intelligence seems to agree with this also. In an interview with Daniela Cambone of Stansberry Investor on Tuesday, McGlone Canada already had a leg up over the US. The Northern neighbors to the US, licensed Bitcoin ETFs from 3iQ and CoinShares in April. McGlone pointed out that institutional crypto products in Canada are attracting monetary investments from the US. Notable among Canada’s recent investors include Cathie Woods of Ark Invest. Reasons like this are why McGlone thinks US legislators will eventually make a move to authorize its own Bitcoin ETF.
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