Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Invesco rolls out physically-backed Bitcoin ETP

CryptocurrencyNov 30, 2021 04:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Invesco rolls out physically-backed Bitcoin ETP

American investment management firm Invesco recently unveiled a new physically-backed Bitcoin exchange-traded product (ETP).

The Invesco Physical Bitcoin ETP will operate on a fixed annual fee of 0.99% while the BTC will be held by Zodia Custody, a U.K.-based custodian registered with the U.K.’s Financial Conduct Authority (FCA).

One of Europe’s largest digital asset firms, CoinShares, will sponsor the ETP and will also assume the role of execution agent.

The ETP, which is one of the U.K.s first BTC ETPs, comes somewhat surprisingly as the country’s officials are quite skeptical of the crypto market.

Invesco also launched this product simultaneously as an exchange-traded note (ETN) on the digital stock exchange Xetra run by German stock market operator Deutsche Boerse (DE:DB1Gn). ETNs are a variation of ETPs.

The product is traded under the symbol of BTIC while tracking the CoinShares Bitcoin Hourly Reference Rate index. It has also been registered with German financial authorities.

Invesco’s Head of ETFs and Indexed Strategies Gary Buxton spoke of the appeal of physical Bitcoin backing, explaining that:

Physical bitcoin is a more observable marketplace. One of our concerns was the depth of synthetic liquidity as well as what that may do to valuations over time and that is something we were not wholly comfortable with.
The firm is also working with Galaxy Digital to pilot a Bitcoin ETF in the U.S. in what could be its biggest move yet. Meanwhile, India’s securities regulator has also approved an Invesco crypto ETF against all odds amid the regulatory uncertainty in the country.

It is now obvious that regulators have become more willing this year to approve crypto products if they comply with certain requirements. Investor protection has been a top priority and is the reason why the United States Securities and Exchange Commission (SEC) has been reluctant to approve a direct bitcoin ETF.

A few bitcoin futures ETFs have been approved in the U.S., with ProShares doing exceptionally well, trading 24 million shares on its debut. SEC Chair Gary Gensler seems to have a soft spot for BTC futures ETF, but not for spot ETFs.

Approval of crypto products on a global scale has been on the rise, with Europe especially seeing some new additions. The market is likely to see many more spot ETFs as crypto companies adapt to guidelines laid out by regulators. This will help influence inflows positively.

Continue reading on BTC Peers

Invesco rolls out physically-backed Bitcoin ETP

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email