Investment Giant Invesco Prepares Products with Bitcoin Support

Eva Fox by Eva Fox September 23, 2021

Investment Giant Invesco Prepares Products with Bitcoin Support

Investment giant with more than $1.3 trillion in assets and one of the largest providers of exchange-traded funds in the United States, Invesco plans to launch its series of Bitcoin-backed products, The Wall Street Journal reports.

On September 22, Atlanta Asset Management intends to announce a partnership with Galaxy Digital Holdings, a start-up digital asset business, to create U.S.-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) authorizes trading in virtual currencies, Asset Management and Galaxy Digital plan to capitalize on investor interest in digital assets in the form of cryptocurrency ETFs.

Bloomberg Intelligence commodity strategist Mike McGlone believes that the U.S. government could authorize the creation of a Bitcoin ETF by the end of October. In addition, he noted that Canada has built a competitive edge ahead of the U.S. by allowing Bitcoin ETFs in April. In this regard, McGloon noted that institutionalized crypto products in Canada are attracting money from the U.S., including from Ark Invest Cathie Wood. He is convinced that the American legislators will not settle for this for a long time.

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