Here's why Invesco dropped its plans to release a BTC futures ETF
As per a report, Invesco, an American independent investment management firm, decided to stop pursuing a Bitcoin futures exchange-traded fund (ETF) before its debut in the month of October. The 1.6-trillion dollars asset manager disclosed their reasons for dropping out of the futures ETF race.
Invesco is not happy with SEC's conditions
As per the global head of ETFs and indexed strategies at Invesco, Anna Paglia, the main reason why the firm dropped the plans to release a Bitcoin futures ETF was that the U.S. Securities and Exchange Commission (SEC) would only give a yes to ETFs with 100% exposure to BTC futures."We thought that CME futures were going to be a very effective element of the portfolio. We never thought they would be effective when they would be 100% of the product," Paglia said.The Invesco Bitcoin Strategy ETF was actually a blend of futures swaps, physical Bitcoin, and private funds in the BTC industry. This was troublesome for the firm.
In a statement with Financial Times, Invesco pointed out cost and suitability for investors as major factors behind the decision. According to Paglia, the firm was not willing to provide the investors with something they didn't want. Paglia found better ways to provide crypto exposure without the changes the SEC wanted.
One can also note that Invesco filed for the approval of BTC futures ETF in 24 hours after SEC Chair Gary Gensler presented the opportunity for the approval of a BTC futures ETF.
Firms also dropping out
Invesco dropped out of the race regardless of the time and resources spent on the 69000-word filing. However, it isn't the only firm to act in such a manner. Bitwise Asset Management was another firm that dropped its futures ETF plans. The firm is now focusing on the Bitcoin spot ETF, which SEC keeps shutting down.Recently, the SEC also rejected the spot ETF filed by VanEck, which led to a bearish drop in BTC prices. BTC futures ETFs are not actually backed by Bitcoin and are a major reason investors are unwilling to experiment with the BTC futures ETF.
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