Wednesday, June 16, 2021
Trading How Invesco, Others are Circumventing SEC's Crypto ETF Reluctance

How Invesco, Others are Circumventing SEC’s Crypto ETF Reluctance

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The Invesco filings follow the approval and trading of two ETFs that also invest indirectly in crypto: the Bitwise Crypto Innovators ETF (BITQ), which invests in companies involved in the cryptocurrency ecosystem, and the Simplify U.S. Equity PLUS GBTC ETF (SPBC), which invests 10% to 15% of its assets in the Grayscale Bitcoin Trust and the remainder in U.S. equities.

David Nadig, chief investment officer and director of research of ETF Trends and ETF Database, said the indirect cryptocurrency ETFs are “literally the only route available to [asset managers.]  There’s clearly investor demand for an on-exchange, securitized way of accessing crypto — whether it’s advisors or just folks looking to use their 401(k) brokerage window.  The much bigger question is whether all these assets will just instantly accrue to Bitcoin ETFs if or when approved.”

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The next indication of whether the SEC will approve a cryptocurrency ETF  comes next week, on June 17, when the commission will once again consider the application of the VanEck Bitcoin Trust. The agency had postponed a decision in late April and could postpone it again. Its new chairman, Gary Gensler, has said repeatedly that Bitcoin is a speculative asset that requires  more comprehensive federal oversight than what currently exists in order to protect investors  and the integrity of the financial system.

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