Invesco, an American investment management giant, with over $1.3 trillion assets under management is launching a physically-backed exchange-traded product focused on bitcoin (EXANTE: Bitcoin). The firm said in a press release the ETP will be 100% backed by holdings in the underlying cryptocurrencies with the aim of delivering the price performance of bitcoin, less a fixed 0.99% annual fee.
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The cryptocurrency will be held on behalf of the Invesco ETP by Zodia Custody, a UK-based digital asset custodian. The custodian Zodia Custody was incubated by SC Ventures, the innovation arm of Standard Chartered. The ETP tracks CoinShares' index and will also serve as the execution agent for the Physical Bitcoin ETP.
In October, Invesco in a partnership with Mike Nogoratz's Galaxy Digital launched two passively managed exchange-traded funds (ETFs) focused on cryptocurrencies and blockchain.
The Invesco Alerian Galaxy Crypto Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) offer exposure to public companies that are mainly engaged in the cryptocurrency spaces like miners, infrastructure technologies and crypto buyers. The ETFs are available on Cboe Global Markets.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.