Katherine Ross

Invesco Galaxy has dropped the fee for its bitcoin ETF, which trades under the ticker BTCO.&nbsp;



The ETF is waiving its fee for either the first six months or first $5 billion of assets. The <a href="https://www.prnewswire.com/news-releases/invesco-and-galaxy-drop-the-sponsor-fee-on-invesco-galaxy-bitcoin-etf-btco-302047120.html">fee</a> now stands at 0.25% — in line with BlackRock, Valkyrie, VanEck and Fidelity — down from 0.39%.&nbsp;



Fees quickly became a way for bitcoin ETF issuers to <a href="https://blockworks.co/news/fund-issuers-lower-bitcoin-etf-fees">stand out from the pack</a> even before the Securities and Exchange Commission officially <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">gave them the green light</a>.&nbsp;



Franklin Templeton’s bitcoin ETF, which trades under EZBC, has the lowest fee of the group at 0.19%. It also, however, has a waiver in place until Aug. 2, 2024 or $10 billion in assets.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">This is what the fee table looks like now: <a href="https://t.co/LPvd6YwGWJ">pic.twitter.com/LPvd6YwGWJ</a>&mdash; James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1752087109484097631?ref_src=twsrc%5Etfw">January 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Outside of the US, Invesco also lowered the fee for its physical bitcoin ETP from 0.99% to 0.39%. The ETP is one of the firm’s European offerings.&nbsp;



Read more: <a href="https://blockworks.co/news/european-bitcoin-etf-fee-war">Low US spot bitcoin ETF fees spark ongoing price decreases in Europe</a>



Earlier this month — before the official launch of the ETFs — Nate Geraci, president of The ETF Store, said that <a href="https://blockworks.co/news/investors-win-bitcoin-etf-fee-war">investors were the “clear winners”</a> of the <a href="https://blockworks.co/bitcoin-etf">bitcoin ETF race</a>.&nbsp;



He told Blockworks in early January that the number of issuers with low fees “speaks to how brutally competitive this category will be.”



Competitiveness does seem to be at play when looking at the group’s flows. Since launch, Grayscale’s bitcoin ETF has had the highest number of outflows — topping nearly $5 billion. GBTC’s fee is the <a href="https://blockworks.co/news/gbtc-outflows-curb-asset-advantage">highest of the bunch at 1.5%</a>.&nbsp;



Last week, <a href="https://blockworks.co/news/jpm-grayscale-gbtc-outflows">JPMorgan analysts estimated</a> that $1.3 billion had shifted from GBTC to other spot bitcoin ETFs with lower fees.



The next highest fee, in comparison, is WisdomTree’s at 0.30%.&nbsp;



Since launch, bitcoin ETFs have seen a high number of outflows. However, JPMorgan analysts said that the <a href="https://blockworks.co/news/jpmorgan-persisting-gbtc-outflows">group saw roughly $15 million</a> of net sales on Friday.&nbsp;



“As we’ve been seeing transaction volumes slowing this past week, we think we are perhaps seeing indication of the hype around these <a href="https://blockworks.co/tag/etfs">ETFs</a> abating and entering a perhaps more normalized flow environment,” analyst Kenneth Worthington wrote in a Monday note.&nbsp;



VanEck’s crypto research head Matthew Sigel told Blockworks last week that the <a href="https://blockworks.co/news/bitcoin-etfs-net-outflows">flows remained in line</a> with the projections from his firm.&nbsp;



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bitcoin etf

Invesco Galaxy lowers bitcoin ETF fee to match BlackRock, Fidelity 

Ben Strack

Invesco is the latest fund group to pursue an ETF that would hold ether directly.&nbsp;



The fund giant, which manages nearly $1.6 trillion in assets, shared plans for its Invesco Galaxy Ethereum ETF in a Friday filing.&nbsp;



Galaxy Digital Funds is set to to serve as execution agent for the proposed ETF and facilitate the sale of ether by the trust, the <a href="https://www.sec.gov/Archives/edgar/data/1995569/000119312523246762/d470525ds1.htm">disclosure</a> notes.



Unlike various <a href="https://blockworks.co/news/valkyrie-etf-ether-futures-unwind">ether futures ETFs expected to launch</a> in the coming days, the Invesco Galaxy Ethereum ETF would hold ether directly — mirroring other proposals made this month.&nbsp;



<a href="https://blockworks.co/news/21shares-ark-filing-for-spot-ether-etf">Ark Invest and 21Shares revealed plans</a> for a spot ether ETF on Sept. 6. VanEck, which first filed for a spot ether ETF in 2021, also has an active filing in front of the US Securities and Exchange Commission, while Hashdex seeks a fund that would blend ether futures and spot ether exposures.&nbsp;



Read more: <a href="https://blockworks.co/news/ark-invest-etf-battle">Ark anticipates win in US crypto ETF battle with ‘deepest’ suite, COO says</a>



People familiar with the filing by Ark Invest and 21Shares said recent developments suggested it was an opportune moment to start expanding conversations around ether products. That disclosure came about a week after <a href="https://blockworks.co/news/grayscale-sec-spot-bitcoin-etf">Grayscale Investments won a court case against the SEC</a> in what many segment watchers called a victory for the broader crypto space.&nbsp;



Invesco is not new to the digital assets realm.



Perhaps best known for its QQQ ETF that invests in Nasdaq 100 companies, <a href="https://blockworks.co/news/invesco-and-galaxy-team-to-build-suite-of-crypto-etfs">Invesco partnered with Galaxy Digital</a> in September 2021 to create physically backed crypto ETFs.&nbsp;



“We believe the combination of an institutional, crypto native asset management business alongside a global ETF pioneer will drive the entire crypto space forward,” Steve Kurz, Galaxy’s head of asset management, said at the time.&nbsp;



Invesco was <a href="https://blockworks.co/news/bitcoin-etf-invesco-wisdomtree">among the fund groups that filed for a spot bitcoin ETF</a> in June just days after asset management giant <a href="https://blockworks.co/news/blackrock-clout-bitcoin-etf-approval">BlackRock jumped into the race</a>.&nbsp;



<a href="https://blockworks.co/news/us-spot-bitcoin-etf">Though spot crypto ETFs trade in a number of other countries</a>, the SEC has never allowed such funds to launch in the US. The securities regulator on Tuesday <a href="https://blockworks.co/news/sec-decision-date-bitcoin-etf?utm_source=CryptoNews&amp;utm_medium=app">extended its deadline to rule on the Ark 21Shares Bitcoin ETF</a> to Jan. 10.&nbsp;



Spokespeople for Invesco and Galaxy declined to comment.&nbsp;



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Galaxy Digital

Invesco, Galaxy float latest spot ether ETF proposal

Shalini Nagarajan

Investment firms Invesco and WisdomTree are making more attempts to secure approval to launch spot bitcoin exchange-traded funds (ETFs) following initial rejections.



Their renewed efforts come just days after the world’s largest asset manager BlackRock <a href="https://blockworks.co/news/blackrock-clout-bitcoin-etf-approval" target="_blank" rel="noreferrer noopener">made its own bid to launch such a fund</a>.



In its Tuesday filing, Invesco contends that the lack of a spot bitcoin ETF puts US investors at considerable risk, as they may resort to utilizing unreliable digital asset accounts, like many did with <a href="https://blockworks.co/news/ftx-new-management-findings" target="_blank" rel="noreferrer noopener">FTX</a>, <a href="https://blockworks.co/news/fahrenheit-wins-bid-for-celsius" target="_blank" rel="noreferrer noopener">Celsius</a>, <a href="https://blockworks.co/news/how-blockfi-went-from-tech-unicorn-to-crypto-burnout" target="_blank" rel="noreferrer noopener">BlockFi</a> and <a href="https://blockworks.co/news/voyager-app-could-reopen" target="_blank" rel="noreferrer noopener">Voyager</a>.



Availability of a spot bitcoin ETP could have resulted in billions of dollars remaining invested in a regulated and well-understood structure, rather than being tied up in proceedings, it <a href="https://cdn.cboe.com/resources/regulation/rule_filings/pending/2023/SR-CboeBZX-2023-038.pdf" target="_blank" rel="noreferrer noopener">added</a>. Invesco, one of the largest ETF issuers in the world, had $1.4 trillion assets under management as of April.



Invesco is pursuing approval to list the &#8220;Invesco Galaxy Bitcoin ETF&#8221; on the Cboe BZX exchange, while WisdomTree is seeking to list the &#8220;WisdomTree Bitcoin Trust&#8221; on the same platform.



Invesco previously <a href="https://blockworks.co/news/invesco-proposes-crypto-economy-etf" target="_blank" rel="noreferrer noopener">filed for an ETF</a> in partnership with Galaxy in 2021 but abandoned the endeavor a few months later. 



The new applications come at a time of <a href="https://blockworks.co/news/sec-sues-coinbase" target="_blank" rel="noreferrer noopener">heightened scrutiny by US regulators</a> regarding potential violations of securities laws within the crypto industry.



<h2 class="wp-block-heading">WisdomTree confident in maturing bitcoin market </h2>



WisdomTree said in its own <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1850391/000121465923008647/p620230s1a2.htm" target="_blank" rel="noreferrer noopener">Tuesday</a> filing that “the bitcoin market has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity markets.”



WisdomTree had $90.7 billion in assets under management as of April. The SEC turned down WisdomTree&#8217;s first spot bitcoin ETF application in Dec. 2021 and rejected its second application in Oct. 2022, as it has done with mountains of bids over the years.



The SEC has previously dismissed such submissions on grounds that the issuer (in this <a href="https://www.sec.gov/rules/sro/cboebzx/2022/34-94080.pdf">case</a> Fidelity) had not demonstrated the proposed fund is “designed to prevent fraudulent and manipulative acts” and to “protect investors and the public interest.”



A futures-based bitcoin ETF is already approved in the US, mainly due to their reliance on futures contracts traded on the regulated Chicago Mercantile Exchange.



But while the approval of those products indicates progress and a growing acceptance of bitcoin-related investment products, each type of ETF is subject to its own set of regulatory considerations.



A futures-based ETF derives its value from futures contracts, while a spot bitcoin ETF directly holds and tracks the price of physical bitcoin in the spot market.



<h2 class="wp-block-heading">Not just Invesco: Loads more spot bitcoin ETFs filings</h2>



Bitwise also <a href="https://blockworks.co/news/blackrock-bitwise-bitcoin-etf-filings">submitted a filing</a> to offer a spot bitcoin ETF last week. According to Bitwise CEO Matt Hougan, BlackRock&#8217;s filing can be seen as the start of the mainstream era for crypto.



In April, Ark Invest and 21Shares also <a href="https://blockworks.co/news/21shares-ark-invest-spot-bitcoin-etf">re-submitted their application</a> for a spot bitcoin ETF.&nbsp;



Analysts from Bloomberg Intelligence mentioned that other potential issuers like VanEck, Valkyrie, WisdomTree, Global X, and Invesco might follow suit.



Some observers predict that even more players will now jump back into the spot bitcoin ETF race.



Meanwhile, Grayscale Bitcoin Trust (GBTC) persists as the largest BTC exchange-traded product, with 635,236 BTC ($18.4 billion) under <a href="https://bitcointreasuries.net/entities/50" target="_blank" rel="noreferrer noopener">management</a> — nearly 3.3% of the circulating supply.



Bitcoin locked in GBTC is non-redeemable, as opposed to the recently proposed spot ETFs, which would be fully redeemable. GBTC’s closed-ended structure has <a href="https://blockworks.co/news/gbtc-takeover-attempts-explained" target="_blank" rel="noreferrer noopener">led to a steep discount</a> on its shares compared to its net asset value, at times around 50%. 



Grayscale&#8217;s application to convert GBTC into an ETF was denied last year, for which the DCG-owned firm <a href="https://blockworks.co/news/grayscale-sues-sec-over-rejection-of-proposed-spot-bitcoin-etf" target="_blank" rel="noreferrer noopener">sued the SEC in response</a>. Still, markets have repaired the GBTC discount somewhat following the recent wave of ETF applications from Wall Street heavyweights, now at 33% compared to 42% at the start of June.



David Canellis contributed reporting



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‘Bitcoin market has matured’: WisdomTree, Invesco file for spot ETFs

Blockchain technology continues to present an exciting promise, one capable of boosting efficiency and transparency, financial leaders have said.&nbsp;



Yet blockchain-focused ETFs issued by some of the world’s largest and most influential fund groups have very few assets to show for it.&nbsp;



<h2 class="wp-block-heading">Investors not high on BlackRock’s offering</h2>



The phrase “blockchain, not bitcoin” has been a rallying cry of sorts for traditional financiers and crypto-natives alike — a sentiment that <a href="https://blockworks.co/news/blockchain-crypto-web3-abstraction">crypto’s underlying technology is more valuable</a> than volatile tokens alone.&nbsp;



Tokenization has been a crypto practice that Wall Street types accustomed to asset-backed securities plays have often championed as a regulated US asset class.



BlackRock CEO Larry Fink went as far as to say that tokenizing securities is “<a href="https://blockworks.co/news/blackrock-ceo-still-in-crypto-for-the-tech-despite-ftx-scandal">the next generation for markets</a>” during a New York Times summit in November.



The company, which has roughly $9 trillion in assets under management, <a href="https://blockworks.co/news/blackrock-lists-blockchain-etf-days-after-similar-fidelity-launch">launched its iShares and Blockchain Tech ETF</a> (IBLC) in April 2022. BlackRock added the fund to its “megatrends” product suite at the time.&nbsp;



But after more than a year on the market, IBLC’s assets under management sit at a scant $7 million. The fund — with top holdings including Riot Platforms, Coinbase and Block — is down about 8% from a month ago, but was up 68% year to date through midday Tuesday.&nbsp;



Only 21 of BlackRock’s 400 or so ETFs (including those under its iShares subsidiary) have less assets than IBLC, according to ETF.com data.&nbsp;



A BlackRock spokesperson declined to comment.&nbsp;



Assets in thematic funds more generally — products focusing on specific trends in terms of their foldings — have more than doubled since just before the pandemic, Morningstar data <a href="https://www.morningstar.com/articles/1151137/despite-recent-struggles-thematic-funds-are-here-to-stay">shows</a>.&nbsp;



Through April, though, the sector’s assets had plummeted, dropping about 40% since markets peaked in mid-2021.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1544" height="958" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=1024&amp;h=1024" alt="" class="wp-image-55900" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=1544 1544w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=414 414w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=421 421w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=353 353w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-11.png?w=80 80w" sizes="auto, (max-width: 1544px) 100vw, 1544px" /><figcaption class="wp-element-caption">Source: Morningstar </figcaption></figure>



Even Ark Invest’s Innovation ETF (ARKK) — a popular offering recently controlling up to $7.8 billion in assets — has booked outflows.



That’s despite year to date gains of more than 26%, according to Neena Mishra, director of ETF research for Zacks Investment Research.  



“Market uncertainties this year have driven investors into safer areas of the market, and investors&#8217; appetite for risk assets remains low,” she told Blockworks.&nbsp;



Nathan Geraci, president of The ETF Store, said some investors were badly burned during last year’s rout and likely don’t want to get scorched again — particularly as the SEC has cracked down on crypto.&nbsp;



“I think another subset of investors is simply allocating to bitcoin futures ETFs,” Geraci said. “Ultimately, it’s my belief that many investors are still waiting for the real deal: a spot bitcoin ETF.”



Read more: <a href="https://blockworks.co/news/sec-responds-to-coinbase-request-for-action-no">SEC Responds to Coinbase Request For Action: ‘No’</a>



<h2 class="wp-block-heading">Little traction for Invesco, Fidelity&nbsp;</h2>



BlackRock is not the only fund giant struggling to gather assets for its crypto-adjacent fund.



Fidelity brought to market <a href="https://blockworks.co/news/fidelity-launches-metaverse-experience-in-tandem-with-new-etfs">its Crypto Industry and Digital Payments ETF</a> (FDIG) days before the launch of IBLC. After 15 months on the market, it has $30 million in assets. FDIG is up 53% so far in 2023.



“Where our customers invest matters more than ever, and Fidelity’s goal is to provide our customers with choice — a diverse range of products and services that meet their distinct investing goals,” a Fidelity spokesperson told Blockworks in a statement. “As with anything we bring to market, we take a long-term view.”



Before BlackRock and Fidelity launched blockchain-related offerings, Invesco introduced its Crypto Economy ETF (SATO), as well as its Blockchain Users and Decentralized Commerce ETF (BLKC).



The funds launched in October 2021 under a <a href="https://blockworks.co/news/invesco-and-galaxy-team-to-build-suite-of-crypto-etfs">partnership with Galaxy Digital</a> — but the products have just $6 million in combined assets. SATO and BLKC are up 75% and 35% year to date, respectively.



Invesco declined to comment.&nbsp;&nbsp;



While these four ETFs from BlackRock, Fidelity and Invesco have less than $50 million in assets all together, Amplify Investments’ Transformational Data Sharing ETF (<a href="https://amplifyetfs.com/blok/">BLOK</a>), has a substantial $450 million. It benefitted from being a first-mover, launching in January 2018.



BLOK is trading about 28% higher than it was at the start of the year, below several of its name-brand peers.&nbsp;



Issuers with crypto “street cred” are much more likely to resonate with investors, Geraci told Blockworks.&nbsp;&nbsp;



“Do you want a firm who specializes in crypto to manage and support your ETF or a firm that offers every type of investment theme under the sun?” he said. “While Fidelity has some chops in the space, Invesco and BlackRock aren’t exactly household names in crypto.”&nbsp;



<h2 class="wp-block-heading">Delistings in sight?</h2>



Like investors, fund groups often mistime their entries or exits. While providers routinely liquidate products that fail to attract assets, smaller issuers with just a few funds are more likely to close unpopular funds, Mishra said.



Geraci in November said he expected <a href="https://blockworks.co/news/more-delistings-of-blockchain-etfs-could-be-coming">fund issuers to delist a number of blockchain funds</a> in the coming year.



The Viridi Bitcoin Miners ETF (RIGZ), which <a href="https://blockworks.co/news/viridi-launches-first-us-clean-energy-crypto-mining-etf">launched in July 2021</a>, shut down in January.&nbsp;&nbsp;



“Larger providers can keep even underperforming products alive for longer if they see any longer-term potential,” Mishra told Blockworks. “I have seen some cases where sleepy products come back to life after a period of lackluster interest from investors.”



She cited ETFs focused on clean energy initiatives, as well as uranium products, as examples.&nbsp;



State Street’s SPDR S&amp;P Kensho Clean Power ETF (CNRG) initially struggled to attract assets when it launched in 2018.&nbsp;



It notched just $7 million of net inflows in 2019, according to ETF.com data.



But the fund went on to bring in $136 million and $242 million in 2020 and 2021, respectively.



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Ark Invest

Blockchain ETF Issuers With ‘Crypto Street Cred’ May Come Out on Top

<div id="highlights-block_63039df5834c1" class="highlights">
 <ul>
 <li>“The interconnectivity that [the metaverse] enables will likely have a transformative impact across industries,” fund co-manager says</li>
 <li>Invesco launched two crypto-related ETFs in the US last October</li>
 </ul>
 
</div>



Asset management giant Invesco has launched a metaverse fund as it sees a particularly large opportunity in companies developing the infrastructure required for the space to reach its true potential.



The actively managed fund will invest in companies of all sizes across the US, Asia and Europe and will be available to investors in 14 European countries.



Tony Roberts and James McDermottroe, members of Invesco’s UK-based Asia and emerging markets equities team, will co-manage the fund, the firm revealed Monday.&nbsp;



Roberts cited <a href="https://www.pwc.com/id/en/media-centre/press-release/2020/english/virtual-and-augmented-reality-could-deliver-a-p1-4trillion-boost.html" target="_blank" rel="noreferrer noopener">estimates from PwC</a> in 2020 that virtual and augmented reality could deliver a £1.4 trillion boost to the global economy by 2030.



“While the metaverse’s applications to entertainment are increasingly well-understood, the interconnectivity that it enables will likely have a transformative impact across industries as diverse as healthcare, logistics, education and sport,” Roberts said in a statement. “We will seek to capitalize on these opportunities through a highly selective, valuation-conscious approach.”&nbsp;&nbsp;&nbsp;



The fund focuses on seven areas, one of which is blockchain. It also is set to invest in devices that offer access to the metaverse, tools allowing interoperability and services that will facilitate the digitization of the real economy.



It is available to investors in the United Kingdom, Germany, France, Netherlands, Finland, Czech, Sweden, Austria, Belgium, Italy, Luxembourg, Norway, Slovakia and Spain, a spokesperson told Blockworks.



<h3 class="wp-block-heading">Invesco funds with exposure to blockchain</h3>



Invesco managed roughly $1.4 trillion in assets as of June 30. The fund group partnered with Elwood Asset Management in March 2019 <a href="https://www.lseg.com/markets-products-and-services/our-markets/london-stock-exchange/equities-markets/raising-equity-finance/market-open-ceremony/london-stock-exchange-welcomes-invesco-and-elwood-asset-management-celebrating-launch-invesco-elwood-global-blockchain-ucits-etf" target="_blank" rel="noreferrer noopener">to launch a blockchain ETF</a> on the London Stock Exchange.  



The company revealed in September 2021 that it was <a href="https://cms.blockworks.co/invesco-and-galaxy-team-to-build-suite-of-crypto-etfs/" target="_blank" rel="noreferrer noopener">teaming up with Galaxy Digital</a> to create a suite of physically backed digital assets ETFs. It brought to market its Invesco Alerian Galaxy Crypto Economy ETF (SATO) and its Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF the following month. The funds have less than $10 million in assets under management combined. 



Rene Reyna, the firm’s head of thematic and specialty ETF strategy, told Blockworks in an email earlier this month that digital assets remains an emerging investment theme requiring education for many investors.&nbsp;



“We are committed to the digital asset space and will continue to monitor investor demand and product development opportunities,” she said.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

ETFs

Invesco Offers Investors Exposure to Metaverse

<div id="highlights-block_6160883ae8dad" class="highlights">
 <ul>
 <li>ETFs focused on crypto companies should remain relevant as “leveraged plays” as investors will want exposure to digital assets beyond just bitcoin, Zacks Investment Research ETF director says </li>
 <li>Launches by Invesco and pending launch by Volt Equity come a few weeks before some expect the SEC to approve ETFs that would invest in bitcoin futures contracts</li>
 </ul>
 
</div>



As many investors have yet to see an ETF in the US that invests directly in bitcoin, and fund issuers await SEC approval for futures-based bitcoin offerings, the number of blockchain ETFs that invest in crypto companies continues to grow.



Invesco, which manages more than $1.5 trillion in assets, <a href="https://www.prnewswire.com/news-releases/invesco-launches-digital-assets-and-blockchain-thematic-equity-etfs-in-the-us-301394940.html">launched</a> the Invesco Alerian Galaxy Crypto Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) on Thursday. The offerings provide equity exposure to global public companies and select investment vehicles in the cryptocurrency and blockchain sectors.



The SEC also approved this week Volt Equity’s proposed Crypto Industry Revolution and Tech ETF (BTCR), which is expected to launch in the next few weeks. The actively managed fund is more bitcoin-focused than others, as it will invest in US and foreign companies with exposure to bitcoin and its supporting infrastructure. It will not invest in Canadian ETFs or private funds and will invest no more than 15% of the fund’s net assets in the Grayscale Bitcoin Trust (GBTC), according to <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1508033/000150803321000022/n1a0921.htm">a regulatory filing</a>.



ETF issuers are seeking different ways to offer investor access to crypto as the SEC has not yet greenlit the dozen or so physically-backed bitcoin ETFs in registration. A range of issuers has<a href="https://cms.blockworks.co/invesco-proshares-plan-to-launch-bitcoin-futures-based-etfs/"> been filing</a> for futures-based bitcoin ETFs, which <a href="https://cms.blockworks.co/who-will-win-the-bitcoin-futures-etf-race/">could be approved</a> as soon as the end of the month.



Futures-based bitcoin ETFs and blockchain ETFs offer more indirect exposure to the market than would a spot product, industry professionals have argued, likely making them <a href="https://cms.blockworks.co/a-futures-based-bitcoin-etf-could-be-suboptimal-heres-why/">less desirable</a> to some investors.



But John Hoffman, Invesco’s head of ETFs and indexed strategies in the Americas, told Blockworks in an email that the disruptive innovation of blockchain technology is spawning an entirely new industry.&nbsp;



“Bitcoin as a network and bitcoin as an asset are a very important part of this; however, there is an entire infrastructure and ecosystem emerging within and around bitcoin,” he explained. “As we did in traditional commodities and currency markets, we will continue to make it easy and safe for all investors to precisely access all parts of the blockchain ecosystem.”



<h3 class="wp-block-heading">Is the Blockchain ETFs space too crowded?</h3>



The Invesco and Volt Equity products will join a handful of others that invest in crypto companies rather than crypto assets directly. The largest crypto ETF trading in the US is Amplify Investments’ Transformational Data Sharing ETF (BLOK). The product, which launched in January 2018, has $1.2 billion in assets.



SRN Advisors’ Siren Nasdaq NexGen Economy ETF (BLCN) launched one day after BLOK and currently has $273 million. Launching later that month was the First Trust Indxx Innovative Transaction &amp; Process ETF (LEGR) and the Capital Link Global Fintech Leaders ETF (KOIN). LEGR holds $134 million in assets, while KOIN has just $29 million.



Launched earlier this year, the VanEck Digital Transformation ETF (DAPP) and the Bitwise Crypto Industry Innovators ETF (BITQ) currently have $50 million and $76 million, assets, respectively.&nbsp;



“I think it’s a bit too many,” Neena Mishra, director of ETF research for Zacks Investment Research, said of the dozen or so blockchain-related ETFs.



She added that those that launched after BLOK and BLCN have struggled to grow.



“It remains to be seen whether they will be able to gather assets,” Mishra said of the Invesco and Volt offerings. “This is an evolving space and it requires some expertise of the managers, so probably managers which are able to deliver performance … will see some interest from investors.”



Mishra also noted that despite a lot of focus on when futures-based and physically-backed bitcoin ETFs will be approved, blockchain ETFs will likely remain relevant because of the vast landscape of crypto assets that investors may want exposure to.



Eight of the 10 best-performing exchange-traded products in the world this year are European-based crypto funds that track assets such as Ethereum (ETH) Binance Coin (BNB) and Ripple’s XRP, <a href="https://www.wsj.com/articles/funds-overseas-cash-in-on-crypto-boom-11631352602">the Wall Street Journal reported</a> last month.



Offerings like those in Europe will not be available to US investors anytime soon, Mishra said. If the blockchain ETFs from Invesco and others are able to offer exposure to crypto-assets that may be performing better than bitcoin, she added, investors will likely flock to them.  



“When gold does well, gold miners act as leveraged plays on the metal, and at that time we just see a lot of interest from investors in gold mining ETFs too because of the performance,” she said. “Probably these [crypto ETFs] may act as leveraged plays on cryptocurrencies.”

How Relevant Will Blockchain ETFs be Once Bitcoin Offerings are Approved?

<div id="highlights-block_614b895271823" class="highlights">
 <ul>
 <li>Invesco is now listed as a sponsor for the bitcoin ETF that Galaxy filed for in April</li>
 <li>Galaxy Digital CEO Mike Novogratz said at the Mainnet 2021 conference Wednesday that he expects a “really volatile” regulatory environment over the next six to 12 months</li>
 </ul>
 
</div>



Asset management titan Invesco is teaming up with Galaxy Digital to create a suite of physically backed digital assets ETFs despite the current regulatory uncertainty around such products in the US.



Atlanta-based Invesco, which manages $1.5 trillion in assets globally, including roughly $470 billion in ETFs and indexed strategies, revealed the partnership in an announcement Wednesday.



“When we partner, we always look to work with best in class, subject matter experts and Galaxy has experience across all verticals of digital assets,&#8221; John Hoffman, the firm’s head of Americas, ETFs and indexed strategies, told Blockworks.&nbsp;&#8220;We are aligned on a common vision and most importantly a path focused on education to help investors safely navigate this new technology.”



Sumit Roy, crypto editor and analyst at ETF.com, said the partnership is significant in the sense that a well-established player in the ETF space is teaming up with a fast-growing firm in the crypto space.&nbsp;



“But they are far from the only capable firms working on crypto ETFs,” he told Blockworks. “This is going to be a highly competitive area and I don&#8217;t see any one firm or consortium dominating.”



Galaxy, which has $2.1 billion assets under management, <a href="https://cms.blockworks.co/galaxy-digital-files-for-bitcoin-etf/">had filed for</a> a US ETF that would invest directly in bitcoin in April. In an <a href="https://www.sec.gov/Archives/edgar/data/1855781/000119312521278390/d233987ds1a.htm">amendment to that application</a> filed with the SEC on Tuesday, Invesco is now listed as a sponsor for the proposed fund.



Invesco has historically been instrumental in the development and maturation of several new asset classes, including commodities, said Steve Kurz, Galaxy’s head of asset management. 



“We believe the combination of an institutional, crypto native asset management business alongside a global ETF pioneer will drive the entire crypto space forward,&#8221; Kurz added.&nbsp;&#8220;For us, the partnership with Invesco is about expanding investor choice in accessing the crypto ecosystem, educating at scale, and ultimately defining this new market.”



Invesco <a href="https://cms.blockworks.co/invesco-proposes-crypto-economy-etf/">had filed in June</a> to launch a Crypto Economy ETF that will invest primarily in crypto companies as well as up to 10% in bitcoin futures. The planned fund would seek to track the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index.



The firm also <a href="https://cms.blockworks.co/invesco-proshares-plan-to-launch-bitcoin-futures-based-etfs/">filed last month</a> to bring to market a bitcoin strategy offering that would invest most or all of its assets in bitcoin futures contracts traded on the the Chicago Mercantile Exchange (CME).



SEC Chairman Gary Gensler has been <a href="https://cms.blockworks.co/secs-gensler-stablecoins-are-poker-chips/">vocal</a> in recent months about the need for regulation in the crypto space. While proposed ETFs that would invest in bitcoin directly await approval by the agency, Gensler hinted during a virtual forum in August that the SEC would favor approving ETFs limited to investing in bitcoin futures contracts.



Galaxy CEO Mike Novogratz said Wednesday during the Mainnet 2021 conference in New York that he expects the regulatory sphere to be “really volatile” over the next six to 12 months.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I’m not sure when Mr. Gensler will decide to pull the trigger, but there are going to be equity ETFs with all the different public stocks, there are going to be all kinds of different products that come out and the SEC will get there,” Novogratz noted. “I’m not sure when, but they will get there.”</blockquote>



An Invesco spokesperson declined to comment about future product development.



“If the SEC allows it, I wouldn&#8217;t be surprised to see them launch products tied to all of the most popular crypto assets — bitcoin, ether and Solana,” Roy said, “and likely index products as well.”



This article was updated on September 22, 2021, at 5:35 pm ET.



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>

cryptocurrency

Invesco and Galaxy Team to Build Suite of Crypto ETFs

<div id="highlights-block_610c1b982294f" class="highlights">
 <ul>
 <li>In addition to bitcoin futures contracts, actively managed products may invest in Canadian bitcoin ETFs, Grayscale Bitcoin Trust </li>
 <li>Planned products come after Invesco and ProShares filed for index strategies focused on blockchain and digital assets companies</li>
 </ul>
 
</div>



Invesco and ProShares have filed for actively managed crypto ETFs that would invest in bitcoin futures contracts just days after SEC Chairman Gary Gensler hinted that products of this type could be granted favorable regulatory treatment.



The $1.5 trillion Atlanta-based asset manager revealed plans to launch the Invesco Bitcoin Strategy ETF in an Aug. 4 <a href="https://www.sec.gov/Archives/edgar/data/1418144/000119312521236682/d209327d485apos.htm" target="_blank" rel="noreferrer noopener">SEC disclosure</a>. The document does not indicate a ticker or expense ratio for the proposed offering. 



The fund is actively managed and plans to invest most or all of its assets in exchange-traded bitcoin futures contracts traded on the the Chicago Mercantile Exchange (CME), as well as collateral investments, such as cash or government securities, the filing states. It will not invest directly in bitcoin.&nbsp;&nbsp;



While the proposed fund generally seeks to have full exposure to bitcoin futures, the fund may at times invest in bitcoin-related assets, which include ETFs listed outside of the US and open-ended private investment trusts that are linked to bitcoin, such as the Grayscale Bitcoin Trust (GBTC).&nbsp;



Meanwhile, ProShares <a href="https://www.sec.gov/Archives/edgar/data/1174610/000168386321004445/f9424d1.htm" target="_blank" rel="noreferrer noopener">also filed with the SEC</a> on Aug. 4 to launch a similar fund. Like the planned Invesco product, the ProShares Bitcoin Strategy ETF would be actively managed and  invest in bitcoin futures contracts traded on the CME. It may invest in Canadian ETFs, but would not directly invest in bitcoin. 



No ticker or management fees are yet listed for the ETF.&nbsp;



Spokespeople for Invesco and ProShares declined to comment on the applications.



The filings come after <a href="https://cms.blockworks.co/sec-chair-gensler-prioritizes-crypto-platform-crackdown/" target="_blank" rel="noreferrer noopener">Gensler said during the Aspen Security Forum</a> on Tuesday that he anticipates more crypto ETF filings from fund managers.  



“I look forward to the staff’s review of such filings,” he noted, “particularly if those are limited to these CME-traded Bitcoin futures.”



<h3 class="wp-block-heading">Futures first?</h3>



Though there are about a dozen crypto ETFs, many that would invest directly in bitcoin, awaiting approval by the SEC, Gensler’s comments could mean that ETFs that hold bitcoin futures could be greenlit first, industry watchers have said.&nbsp;



Ben Johnson, Morningstar’s director of global ETF research, told Blockworks that he is not surprised by the latest Invesco and ProShares filings.



“Asset managers are pulling out all the stops to be first to market with a bitcoin ETF,” Johnson said. “The experience of the first Canadian bitcoin ETFs has shown that the first one out of the gate may win most of the assets.”



Purpose Investments launched Canada’s first bitcoin ETF in February, and <a href="https://www.purposeinvest.com/funds/purpose-bitcoin-etf" target="_blank" rel="noreferrer noopener">the fund</a> has grown to $1.1 billion (CAD) in assets, according to the firm’s website. <a href="https://evolveetfs.com/product/ebit/" target="_blank" rel="noreferrer noopener">Evolve ETFs’ bitcoin ETF</a>, which launched a day after Purpose’s offering, has just $83 million in assets.



The proposals are not the first forays into crypto for Invesco and ProShares.&nbsp;



<h3 class="wp-block-heading">Not their first forays</h3>



Invesco <a href="https://cms.blockworks.co/invesco-proposes-crypto-economy-etf/" target="_blank" rel="noreferrer noopener">filed in June</a> to launch the Invesco Galaxy Crypto Economy ETF. Unlike the latest filed-for actively managed product, that fund would invest at least 80% of its total assets in the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index. That offering also expects to invest in bitcoin futures, with a planned allocation of about 10%.



John Hoffman, Invesco’s head of ETFs and indexed strategies in the Americas, said during an interview on <a href="https://www.bloomberg.com/news/audio/2021-08-04/what-s-behind-the-etf-feeding-frenzy-of-2021-podcast?sref=1menaRy9" target="_blank" rel="noreferrer noopener">Bloomberg’s “Trillions” podcast</a> that there are “incredible parallels” between the ETF and digital asset markets. He added that Invesco has historically pioneered new ways to get exposure to new asset classes, and continues research and development in the crypto realm.



“There’s a lot of questions that need to be solved in this blockchain — and more specifically, bitcoin — space,” he told Bloomberg. “I would argue that the first bitcoin ETF is not the ending place. There is going to be theoretically a whole series of return patterns in this market, in this new asset class, and it’s something that we are spending a lot of energy on.”



ProShares was among the first sponsors to file for a bitcoin strategy ETF in 2017, and ProFunds, its parent company, last week launched the <a href="https://cms.blockworks.co/profunds-launches-bitcoin-futures-strategy/" target="_blank" rel="noreferrer noopener">Bitcoin Strategy ProFund</a>. The first publicly available US bitcoin strategy mutual fund primarily invests in bitcoin futures contracts. 



The fund group also <a href="https://cms.blockworks.co/proshares-opts-for-crypto-lite-etf-while-sec-mulls-pure-bitcoin-product/" target="_blank" rel="noreferrer noopener">proposed to the SEC in June</a> the ProShares S&amp;P Kensho Global Crypto &amp; Blockchain ETF, an index fund that would invest in companies focused on distributed ledger technology and digital currencies. 



“ProShares constantly strives to develop innovative products like the Bitcoin Strategy ProFund that expand investors’ choice and offer new ways to access important asset classes,” a spokesperson said.



Want more investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a> September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.

Bitcoin

Invesco, ProShares Plan to Launch Bitcoin Futures-Based ETFs

<div id="highlights-block_60db5d31df45f" class="highlights">
 <ul>
 <li>A blockchain ETF is more of a disruptive tech play than a cryptocurrency proxy, industry watcher says</li>
 <li>ProShares proposal comes as Ark Invest and 21Shares became latest to register with SEC for pure bitcoin ETF</li>
 </ul>
 
</div>



ProShares became the latest fund firm to propose an ETF that would invest in companies involved in the crypto and blockchain sphere as the SEC continues to mull its decision on ETFs that invest in bitcoin directly.



The ProShares S&amp;P Kensho Global Crypto &amp; Blockchain ETF would track an index comprising companies in the US and abroad focused on building distributed ledger technology products or services, as well as businesses that enable digital currencies, according to its <a href="https://www.sec.gov/Archives/edgar/data/1174610/000168386321004058/f9275d1.htm#xx_9e3311c0-c236-4f4c-bb5c-f725d265e4e0_1" target="_blank" rel="noreferrer noopener">preliminary prospectus</a>.&nbsp;



The product plans to invest in the common stock issued by such public companies, as well as American depositary receipts, the filing notes.



A ProShares spokesperson declined to comment further on the planned offering.



The recent disclosure comes after Invesco <a href="https://cms.blockworks.co/invesco-proposes-crypto-economy-etf/" target="_blank" rel="noreferrer noopener">proposed a Galaxy Crypto Economy ETF</a> earlier this month, which similarly would invest in digital asset companies, as well as cryptocurrency futures, exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies.



Other firms continue to file for ETFs that would invest in bitcoin and other cryptocurrencies directly. <a href="https://ark-invest.com" target="_blank" rel="noreferrer noopener">Ark Invest</a>, which currently has eight ETFs with about $47 billion assets under management trading in the US, became <a href="https://cms.blockworks.co/ark-files-for-bitcoin-etf/" target="_blank" rel="noreferrer noopener">the latest to propose a bitcoin ETF</a> with 21Shares, joining a dozen or so others that await SEC approval. 



The SEC this month postponed its decision to approve or deny bitcoin ETFs filed by <a href="https://cms.blockworks.co/sec-delays-approval-of-vaneck-bitcoin-etf-again/" target="_blank" rel="noreferrer noopener">VanEck</a> and <a href="https://cms.blockworks.co/sec-postpones-decision-on-valkyrie-bitcoin-etf-to-august/" target="_blank" rel="noreferrer noopener">Valkyrie Digital Assets</a>, and several industry watchers have said the approval of such a product may not come until 2022.



<h3 class="wp-block-heading">Crypto-lite ETF vs. physical bitcoin ETF</h3>



Some fund issuers, like ProShares, may opt to file for what Lara Crigger, managing editor of ETF Trends and ETF Database, calls “crypto-lite” ETFs because they have a higher chance of getting to market than they would of winning the physical bitcoin ETF race.&nbsp;



Funds that invest in companies such as crypto miners, exchanges and businesses involved in blockchain technology can also be a good option for investors who want exposure to the market without the ups and downs of holding cryptocurrency directly, she added.



“That said, the more indirect your exposure to the crypto market, the less you&#8217;re actually going to be capitalizing on the trend precisely,” Crigger told Blockworks. “Blockchain is a technology shift that has other uses and applications well beyond cryptocurrency, making a blockchain ETF more of a disruptive tech play than a cryptocurrency proxy.”



James Seyffart, an ETF research analyst at Bloomberg Intelligence, previously said that there is a use case for funds that invest in crypto directly, as well as those that target the space more broadly. Though some may be buying the latter type of ETFs as they await the SEC’s decisions, he added, he believes the larger demand is for ETFs that hold actual crypto assets.



Broad crypto and blockchain ETFs could suffer outflows on the launch of a pure crypto offering, said Grant Engelbart, a senior portfolio manager at Brinker Capital, but the offerings still serve a purpose.



“There is a lot of prevailing thought that blockchain technology is the long-term investment thesis behind crypto, but today crypto acts as the way to play that growth,” he told Blockworks.



The largest blockchain ETF in the US is Amplify Investments’ Transformational Data Sharing ETF (BLOK), which holds $1.1 billion. Though the several ETFs targeting the space have seen <a href="https://cms.blockworks.co/gap-wide-between-best-and-worst-performing-blockchain-etfs/" target="_blank" rel="noreferrer noopener">a wide dispersion of performance</a> in the last year, BLOK has returned 127% over the past 12 months, as of June 25, according to FactSet data.



The newest such fund, the Bitwise Crypto Industry Innovators ETF (BITQ), launched in May, and has so far grown to $53 million in assets.&nbsp;



“As more and more companies likely use distributed ledger, decentralized, or blockchain-based technology, these ETFs, to me, become more interesting and a better long-term investment,” Engelbart said. “You are starting to see some of this today, but there still remains a lot to sift through in the space.”

ProShares Opts for ‘Crypto-Lite’ ETF While SEC Mulls Pure Bitcoin Product

<div id="highlights-block_60c24371ee661" class="highlights">
 <ul>
 <li>Invesco’s planned fund would compete against several funds including Bitwise’s latest fund, largest blockchain ETF by Amplify Investments </li>
 <li>Product a way to potentially get to market faster as regulators mull growing number of crypto products in registration</li>
 </ul>
 
</div>



Invesco has filed to launch an ETF that will invest primarily in companies entrenched in the crypto space, as well as up to 10% in bitcoin futures.



The Atlanta-based $1.5 trillion asset manager revealed plans to launch the Invesco Galaxy Crypto Economy ETF, according to <a href="https://www.sec.gov/Archives/edgar/data/1378872/000119312521186716/d168505d485apos.htm" target="_blank" rel="noreferrer noopener">an SEC disclosure</a> filed on June 9. The filing did not list a ticker or expense ratio for the proposed offering.



The planned fund would seek to track the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Index, the preliminary prospectus states, investing at least 80% of its total assets in securities within the benchmark.



An Invesco spokesperson told Blockworks that the company could not comment on the news. &#8220;Per SEC regulations we cannot comment on products in registration,” they said.



<h3 class="wp-block-heading">SEC waiting game</h3>



Though the proposed Invesco product would not invest directly in cryptocurrencies, it comes as other ETFs looking to do so await approval from the Securities and Exchange Commission.&nbsp;



SkyBridge and First Trust <a href="https://cms.blockworks.co/first-trust-and-scaramuccis-skybridge-file-for-bitcoin-etf/" target="_blank" rel="noreferrer noopener">filed for a bitcoin ETF in March</a>, while others such as WisdomTree Investments, NYDIG and VanEck also have products in registration. The SEC in April <a href="https://cms.blockworks.co/sec-delays-vaneck-bitcoin-etf-decision-until-june/" target="_blank" rel="noreferrer noopener">postponed its decision</a> to rule on VanEck’s bitcoin ETF proposal until June.



The batch of planned US ETFs sit in waiting after Canada’s first bitcoin ETF, launched by Purpose Investments in February, grew to $1 billion after about a month on the market.



James Seyffart, an ETF research analyst at Bloomberg Intelligence, told Blockworks that Invesco likely does not believe the SEC will greenlight a crypto ETF anytime soon, adding that such a fund is not in the fund manager’s wheelhouse.



“They have plenty of futures based and equities based ETFs and likely have clients looking for some sort of access to the crypto market or crypto economy,” Seyffart said. “Launching a fund like this allows them to give that access to clients while staying within their area of expertise.”



The index the Invesco fund is set to track comprises stocks of digital asset companies, cryptocurrency futures, and exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies, the filing notes.&nbsp;



The digital asset companies include cryptocurrency miners, those involved in facilitating the buying, selling and transfer of crypto assets and businesses that report cryptocurrency assets on their balance sheet. This equity component of the index is allocated an 85% weight. The bitcoin futures and exchange-traded products portions account for 10% and 5% of the index, respectively.&nbsp;



<h3 class="wp-block-heading">Increasing demand for direct-access ETFs</h3>



Some investors may not like the volatility they are seeing in crypto assets, Seyffart explained, and so might opt for this sort of fund instead of the ones awaiting approval. He added that many see parallels with <a href="https://cms.blockworks.co/bloomberg-analyst-bitcoin-headwinds-are-good-for-gold/" target="_blank" rel="noreferrer noopener">gold</a>, and that there are billions of dollars in gold ETFs as well as gold miners ETFs. 



“There are use cases for each, but from where I sit the larger demand is for ETFs that hold actual crypto assets,” Seyffart said. “In the meantime, there may be some people buying products like this because there aren&#8217;t ETFs with direct access yet.”



The Invesco fund is similar to several ETFs already on the US market, which Seyffart noted have been successful at gathering assets. The largest such offering is Amplify Investments’ Transformational Data Sharing ETF (BLOK), which has grown to $1.1 billion in assets under management since launching in January 2018.



Most recently, Bitwise, a company looking to launch a bitcoin ETF, launched its Crypto Industry Innovators ETF (BITQ) <a href="https://cms.blockworks.co/bitwise-launches-crypto-etf-despite-secs-etf-cold-feet/" target="_blank" rel="noreferrer noopener">last month</a>. BITQ, the first ETF the SEC has approved that includes “crypto” in its name, holds 30 stocks of high-growth and profitable crypto companies, such as Coinbase, Microstrategy, Galaxy Digital, Riot Blockchain and Voyager Digital.



“All of these are ways to provide some level of access until the SEC approves a Bitcoin ETF,” Seyffart said.