Invesco and Galaxy Ethereum ETF Delayed By SEC
In September, Invesco entered the cryptocurrency ETF competition by introducing the Invesco Galaxy Ethereum ETF in collaboration with Galaxy Digital Funds. Notably, this particular ETF was designed to directly hold Ethereum as opposed to Bitcoin.
Regarding delays, Invesco, like other asset managers, received news by the United States SEC about a delay in its application. The SEC also granted a 45 day extension for the decision on the application put forth by Grayscale for a spot ETF, pushing the expected verdict to the new deadline of January 25th, 2024.
Invesco going all in
Invesco is a significant contender for a spot ETF for Ethereum, adding a dynamic twist to the landscape. Previously, Invesco and Galaxy had jointly submitted an application for a physically backed Bitcoin ETF but later withdrew it.
Invesco clarified that, while they have decided not to pursue a Bitcoin futures ETF in the immediate future, they remain committed to working with Galaxy Digital to provide investors with a comprehensive range of products related to this transformative asset class, including exploring a physically backed digital asset ETF.
SEC taking its time
Similarly, the SEC has sought public feedback on the proposed rule change by Fidelity for a similar product, with the asset manager awaiting what the regulator will decide. In fact, the entire crypto industry is eagerly awaiting what the SEC will choose to do regarding spot Bitcoin ETF applications by BlackRock, Fidelity, WisdomTree, and various other companies.
With just four weeks left in the short approval window, optimism remains high among crypto proponents that the SEC will rule favorably, potentially marking the first approval of a spot Bitcoin ETF in the United States.
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