Tag: Invesco

Despite the significant milestone of launching 11 bitcoin exchange-traded funds (ETFs) in the U.S., crypto prices experienced a downturn. The BTC price crashed by more than 7% on Saturday, marking a contrast to the institutional acceptance it has fought for over the years. The market's reaction following the ETF launch underscores cryptocurrency prices' dynamic and sensitive nature.

Well, buckle up (or so) because it looks like the U.S. Securities and Exchange Commission (SEC) has finally decided to join the crypto party – albeit fashionably late and with a bit of a grumble. In what can only be described as a long-overdue nod to the future (or an admission of the inevitable), the SEC has given the green light to the first U.S.-listed exchange-traded funds (ETFs) to track bitcoin. It's a "watershed moment," they say, for the beloved cryptocurrency and the crypto industry at large.

The recent surge in Bitcoin's price past the $34,000 mark, its highest since the previous May, is attributed to several optimistic factors, both within and outside the cryptocurrency realm. As of Tuesday morning in Asia, Bitcoin was trading at $34,800.40. One of the significant drivers of this uptick is the growing anticipation surrounding the establishment of a Bitcoin Exchange-Traded Fund (ETF).

AssetCo's move to sell Rize ETF to Cathie Wood's ARK Invest highlights the challenges of thriving in the European ETF landscape, a realm controlled by a few giants. Rize ETF was established as an independent ETF issuer in early 2020, accompanied by high hopes. However, Europe has proven to be a difficult market for independent ETF issuers. Whether the entry of ARK Invest will reshuffle the cards in Europe remains to be seen.

Fidelity Investments, a prominent asset management firm, is making another attempt to launch a spot Bitcoin ETF. This move follows BlackRock's recent filing for a spot bitcoin ETF, despite the U.S. Securities and Exchange Commission (SEC)'s historical resistance. WisdomTree, VanEck, Invesco, and Ark Invest, led by celebrity investor Cathie Wood, have taken steps toward their own Bitcoin funds, aligning them closer to BlackRock's application.