Invesco abandons plans for bitcoin futures ETF ahead of ProShares’ launch of a similar product

One of the largest American investment firms, Invesco, abandoned plans to launch a bitcoin futures ETF. Bloomberg reports.

The company said it would continue to work in partnership with the cryptocurrency bank Galaxy Digital on offering a suite of products giving investors exposure to such assets.

Recently, Invesco launched two blockchain-industry-focused ETFs on the Chicago Board Options Exchange (CBOE).

Bloomberg ETF senior analyst Eric Balchunas called the move shocking. He said Invesco was next in line to have a bitcoin futures ETF approved.

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SHOCKER: Invesco is dropping out of the race. Will not pursue bitcoin futures ETF, focus on blockchain stock ETFs (and spot bitcoin ETF) instead. Not sure why, esp bc they were next in line.. pic.twitter.com/iCenVoiMGb

— Eric Balchunas (@EricBalchunas) October 18, 2021

Earlier, Invesco filed an application to launch a bitcoin ETF in August.

On October 15, the U.S. Securities and Exchange Commission quietly approved the filing to launch ETF based on bitcoin futures from ProShares. The fund is set to begin trading on Tuesday, October 19, on the New York Stock Exchange (NYSE).

This month, the Commission is expected to issue responses on bitcoin futures ETFs from VanEck, Valkyrie Investments and Galaxy Digital.

Ahead of ProShares’ bitcoin ETF launch, assets in crypto funds rose to $72.3 billion.

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