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Invesco Galaxy Prepares for Potential Bitcoin ETF Launch Amid SEC Uncertainty

Invesco Galaxy’s Bitcoin ETF, listed under BTCO on DTCC, signals readiness for launch despite pending SEC approval, amid rising institutional interest and market speculation.
Published on 2023-11-03

Invesco Galaxy's Bitcoin ETF Launch Prospects

Invesco Galaxy's spot Bitcoin Exchange-Traded Fund (ETF), identified by the ticker BTCO, has been listed on the Depository Trust & Clearing Corporation (DTCC) website. This listing indicates a potential product launch, although approval from the Securities and Exchange Commission (SEC) remains pending. Invesco Ltd, a global financial management firm, is behind the ETF, and its inclusion on DTCC’s platform, which processes trillions in daily securities transactions, often precedes new ETF launches.

SEC Approval Challenges

Despite its DTCC listing, the SEC's approval is not guaranteed. The SEC has historically rejected similar applications due to concerns over market manipulation and investor protection. Companies like BlackRock, Grayscale, Bitwise, and Valkyrie have faced similar setbacks. Nonetheless, Invesco Galaxy's ETF meets DTCC's technical and operational requirements, suggesting it is well-prepared for potential institutional investment if SEC approval is granted.

Rising Institutional Interest

The interest from major institutions such as BlackRock, Fidelity Investments, and ARK Invest has sparked a surge in Bitcoin ETF filings. This increased activity was highlighted during "Uptober" when Bitcoin’s value rose to $34,656 following DTCC's listing of BlackRock's ETF. This follows a previous increase past $30,000 after BlackRock’s filing news.

Market Speculation and Future Outlook

A report from JPMorgan suggests the potential for SEC approval of a spot Bitcoin ETF before the January 10, 2024 deadline for Ark 21Shares applications. This speculation persists despite the SEC's earlier rejection of Invesco's application. Interestingly, these developments have not caused significant fluctuations in Bitcoin's value, reflecting a stable market outlook amid ongoing regulatory considerations.

In conclusion, Invesco Galaxy's ETF is strategically poised for launch, pending regulatory approval, with significant institutional interest underscoring the growing momentum in the cryptocurrency market.

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