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Invesco drops plans for Bitcoin ETF before ProShares debut

Invesco says it's not ruling out launching an ETF some time in the future.

The Bitcoin logo on a gold coin
Image: Protocol

Invesco won't be launching a futures-backed Bitcoin exchange-traded fund after all, the ETF operator said Monday. Invesco pulled out just one day ahead of asset manager ProShares' debut of the first-ever Bitcoin futures ETF on Tuesday.

"We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF," the company said in a statement to Bloomberg.

Crypto enthusiasts hope a successful Bitcoin ETF could help further legitimize the currency in the eyes of traditional firms and investors. While the currency has experienced a fair amount of volatility this year, peaking at nearly $65,000 in April before a summer crash, it's risen by more than 40% this month and now stands near its all-time high at more than $62,000.

Nick Statt

Nick Statt is Protocol's video game reporter. Prior to joining Protocol, he was news editor at The Verge covering the gaming industry, mobile apps and antitrust out of San Francisco, in addition to managing coverage of Silicon Valley tech giants and startups. He now resides in Rochester, New York, home of the garbage plate and, completely coincidentally, the World Video Game Hall of Fame. He can be reached at nstatt@protocol.com.

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