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Invesco Plans Two Crypto-Focused ETFs
Atlanta-based Invesco is an investment management firm with $1.5 trillion in assets.
Invesco plans two cryptocurrency-focused exchange-traded funds (ETFs), becoming the latest entrant into the field while approval of an actual bitcoin ETF by the U.S. Securities and Exchange Commission remains elusive.
STORY CONTINUES BELOW
- Roughly 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the SEC. The rest of the portfolio will be in other trusts and funds that hold crypto.
- The Invesco Galaxy Crypto Economy ETF will track the investment results of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index while the Galaxy Blockchain ETF will track the results of the Alerian Galaxy Global Blockchain Index.
- The Invesco ETFs are just the latest ETFs set up by financial world to gain exposure to the world of cryptocurrencies while the companies wait for the SEC to approve an actual bitcoin ETF. Until recently this was viewed as likely this year but has become less so based on recent rhetoric out of Washington, D.C.
- Invesco's funds may skirt the SEC's bitcoin ETF blockade by only investing indirectly in cryptocurrencies.
- Atlanta-based Invesco is an investment management firm with $1.5 trillion in assets.
Read more: SEC Chair Gary Gensler Recommends Congress Regulate Crypto Exchanges
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
