Key Takeaways
- • Invesco and Galaxy Digital have partnered to file for a spot Bitcoin ETF with the SEC, according to Tekedia, with the fund expected to list on NYSE Arca under the ticker BTCX.
- • The filing did not disclose fees or a launch date, both of which remain subject to SEC approval. The ETF may also hold other digital assets in the future.
- • Mike Novogratz, Galaxy Digital's founder and CEO, told CNBC he expects the SEC to approve a bitcoin ETF by the end of 2023, citing investor demand and the earlier approval in Canada.
- • An unconfirmed report citing unnamed sources says SEC Chair Gary Gensler is working with spot Bitcoin ETF issuers to finalize their filings. The SEC has neither confirmed nor denied this.
- • Candidate issuers named in the coverage include VanEck, Fidelity, WisdomTree, NYDIG, Valkyrie and Bitwise. None had received SEC approval at the time of reporting.
Summary
Invesco, which Tekedia describes as one of the world's largest asset managers with $1.5 trillion in assets under management, has partnered with Galaxy Digital to file for a spot Bitcoin ETF with the US Securities and Exchange Commission. A spot Bitcoin ETF would hold actual bitcoin in custody and give investors exposure to the asset without requiring them to buy, store or manage it directly. According to the report, the Invesco-Galaxy fund is expected to trade on NYSE Arca under the ticker BTCX. The filing did not disclose fees or a launch date, and the report notes the fund may later invest in other digital assets. Invesco is described as having more than 230 US-listed ETFs and over $405 billion in ETF assets, while Galaxy Digital, founded by former hedge fund manager Mike Novogratz, offers trading, asset management, custody, mining and advisory services.
Several other issuers, including Fidelity, VanEck and Valkyrie, have also filed for spot Bitcoin ETFs, and none has yet been approved. The SEC has cited concerns about market manipulation, fraud, custody and investor protection in its handling of crypto-related products, and has repeatedly delayed or rejected applications from firms including VanEck, WisdomTree and Bitwise. Tekedia reports that some analysts expect a change in the SEC's stance following Canada's approval of spot bitcoin ETFs earlier in the year.
In a CNBC interview, Novogratz said he expects the SEC to approve a bitcoin ETF this year, arguing that regulatory pressure and investor demand are building. He praised Gensler as someone who understands crypto and said the SEC needs regulatory clarity. Novogratz also said he expects a futures-based bitcoin ETF to be approved before a spot product, because futures fall under CFTC jurisdiction, and he expressed a long-term bullish view on bitcoin, including a $100,000 year-end price target.
Separately, Tekedia reports, citing unnamed sources, that Gensler has been in talks with several spot Bitcoin ETF issuers to speed up approval and is focused on AML and KYC policies, custody security, and liquidity provider arrangements. The sources did not name the issuers involved, and the SEC has not confirmed these discussions. The sources suggested an announcement could come within weeks or months, but this has not been verified.
Several other issuers, including Fidelity, VanEck and Valkyrie, have also filed for spot Bitcoin ETFs, and none has yet been approved. The SEC has cited concerns about market manipulation, fraud, custody and investor protection in its handling of crypto-related products, and has repeatedly delayed or rejected applications from firms including VanEck, WisdomTree and Bitwise. Tekedia reports that some analysts expect a change in the SEC's stance following Canada's approval of spot bitcoin ETFs earlier in the year.
In a CNBC interview, Novogratz said he expects the SEC to approve a bitcoin ETF this year, arguing that regulatory pressure and investor demand are building. He praised Gensler as someone who understands crypto and said the SEC needs regulatory clarity. Novogratz also said he expects a futures-based bitcoin ETF to be approved before a spot product, because futures fall under CFTC jurisdiction, and he expressed a long-term bullish view on bitcoin, including a $100,000 year-end price target.
Separately, Tekedia reports, citing unnamed sources, that Gensler has been in talks with several spot Bitcoin ETF issuers to speed up approval and is focused on AML and KYC policies, custody security, and liquidity provider arrangements. The sources did not name the issuers involved, and the SEC has not confirmed these discussions. The sources suggested an announcement could come within weeks or months, but this has not been verified.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.