We’re only hours from the launch of ProShares’ first Bitcoin ETF, but there’s a new twist in history. Financial giant Invesco has decided to stay out of the race and no longer chase it.

Invesco withdraws decision to introduce Bitcoin futures ETFs

Invesco Ltd. gave up pursuit of an exchange-traded Bitcoin futures fund hours before the first such product was launched on a U.S. exchange.

In a statement, the company said:

“We have decided not to pursue the introduction of Bitcoin Futures ETFs in the short term. However, we will continue to work with Galaxy Digital to offer investors a full range of products with exposure to this transformative asset class, including finding a technical asset ETF..

The decision was made the night before the ProShares Bitcoin Strategy ETF (ticker code BITO) began trading. The Securities and Exchange Commission is facing application deadlines from Invesco, VanEck and Valkyrie this month.

Bloomberg News reported Thursday that the SEC is unlikely to block products starting trading next week.

Today, October 19th, the ProShares Bitcoin ETF will be launched on the NYSE Arca Exchange. BTC price soared 40% this October amid strong anticipation of the first Bitcoin ETF in the US. At press time, Bitcoin is trading at $ 62,434 with a market cap of $ 1.181 billion.

Invesco is one of the pioneers in registering a Bitcoin ETF with the US SEC. The last-minute decision by the financial giant surprised the Bitcoin community.

The world’s largest digital asset manager Grayscale has also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. This is also confirmed by Grayscale founder and CEO Barry Silbert.

According to “official, explicit instructions” from the US Securities and Exchange Commission (SEC), Grayscale will apply for a spot ETF.

Silbert was also critical of Bitcoin futures ETFs from ProShares and Valkyrie. It doesn’t appear that Grayscale will be giving up the whims of the SEC and will continue to actively pursue a spot Bitcoin ETF that is directly tracking the underlying asset.

Bitcoin has rebounded around 40% this month as it has been predicted that the approval of ETFs will lead to greater adoption of the digital currency among investors.

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