Invesco, the investment giant with over $1.3 trillion in assets under management and one of the largest exchange-traded funds (ETFs) providers in the United States wants to launch a series of products backed by Bitcoin (BTC) and other cryptocurrencies, the Wall Street Journal reports.
On September 22, the Atlanta-based asset management intends to announce a collaboration with Galaxy Digital Holdings, a start-up digital asset business, to establish US-listed ETFs that hold and track the performance of Bitcoin and other cryptocurrencies while trading like stocks.
If and when the Securities and Exchange Commission (SEC) permits the trading of virtual currencies, the asset management and Galaxy Digital plan to take advantage of investor excitement for digital assets in the form of cryptocurrency ETFs.
Regulators may approve Bitcoin ETF in October
Whatsmore, a commodity strategist at Bloomberg Intelligence, Mike McGlone, thinks that US authorities might authorize a Bitcoin ETF by the end of October.