Wannabe Bitcoin ETFs Are Mushrooming and Getting More Creative
- As odds of approval look grim, crypto-adjacent funds take off
- Invesco is largest asset manager yet to join with two filings
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With at least nine applications for Bitcoins ETFs collecting dust in the Securities and Exchange Commission’s in-box and clients baying to buy crypto funds, U.S. issuers in the $6.4 trillion industry are cobbling together a growing number of workarounds.
A slate of companies are releasing or planning “Bitcoin adjacent” products that skirt U.S. regulators’ refusal to allow the largest cryptocurrency to be put in an exchange-traded fund wrapper. Invesco became the latest on Wednesday, announcing a pair of funds packed with crypto-linked equities.