Invesco submits Bitcoin ETF documents to the SEC without direct contact with BTC

Invesco, an investment company based in Atlanta, is planning to launch a new Bitcoin (Bitcoin) Exchange-traded funds or ETFs will not invest directly in BTC.

Wednesday, Invesco Archive Apply to the U.S. Securities and Exchange Commission (SEC) to list a new investment product called the Bitcoin Strategy ETF.

Invesco’s Bitcoin Strategy ETF aims to achieve its investment goals by investing “all or almost all assets” in Bitcoin futures and exchange-traded products or ETPs and Bitcoin-related private investment trusts (such as Grayscale Bitcoin Trust) . The document pointed out that the fund may also “sometimes” invest in Bitcoin ETFs listed outside the United States.

The fund also plans to invest its remaining assets directly in cash, cash-like instruments or high-quality securities as part of the mortgage investment. Collateral may include high-quality securities, including US government securities such as bills, notes, and bonds, as well as money market funds and corporate debt securities. “The collateral is designed to provide liquidity as a margin or otherwise provide collateral for subsidiaries’ investments in bitcoin futures,” Invesco pointed out.

According to the document, the new fund is “non-diversified”, which means that it does not need to meet certain diversification requirements of the Investment Company Act of 1940.

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As previously reported by Cointelegraph, Invesco has been actively participating in the adoption of encryption and blockchain-related ETFs in recent years. In March 2019, the company Launch blockchain ETF At the London Stock Exchange, it initially targeted 48 companies involved in the blockchain technology industry.As of early July 2021, the fund has Accumulated more than 1 billion U.S. dollars Assets since its establishment.

Invesco’s latest Bitcoin ETF joins a long list of cryptocurrency ETFs waiting for the approval of the US Securities and Exchange Commission. So far, the agency has not approved any Bitcoin ETF.The authorities have Continue to delay the decision After previously rejecting a series of Bitcoin ETFs, transactions were conducted on multiple crypto ETFs this year.Other jurisdictions have achieved greater success in adopting encrypted ETFs, many of them Bitcoin ETFs are already trading in Canada and other countries.