Invesco stressed that the ETF will not directly invest in bitcoin.
Atlanta-based asset manager Invesco has filed with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) with exposure to bitcoin (BTC, -1.8%) futures and other assets related thereto.
- In a filing Thursday Invesco stressed that the ETF will not directly invest in bitcoin,
- Instead, it will seek to have full exposure to bitcoin futures and at times may have exposure to other investment vehicles, including bitcoin ETFs listed outside of the U.S. and investment trusts such as Grayscale Bitcoin Trust (Grayscale is a subsidiary of CoinDesk’s parent company Digital Currency Group).
- According to Invesco’s filing, the fund is “non-diversified,” thus is not required to meet diversification requirements under the Investment Company Act of 1940.
- SEC Chair Gary Gensler has been vocal about regulation of the crypto industry in recent days, including the possibility of approving a crypto ETF, for which the agency has received well over a dozen applications.
source of news:coindesk