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.