Invesco and Galaxy submit revised documents for Bitcoin spot ETF application, committing to create ETF only in cash

Odaily News Invesco (Invesco) and Galaxy have submitted the third revised S-1 document (prospectus) of the Bitcoin spot ETF Invesco Galaxy Bitcoin ETF to the U.S. SEC, in which they promised to focus on launching a cash-only creation Bitcoin ETF. Bloomberg ETF analyst Eric Balchunas pointed out that this is a clear signal that the SEC prefers cash creation methods in early approval of ETF products. Although the market is generally concerned about whether BlackRock can convince the SEC to accept the physical creation method, according to internal channels, the SEC seems to only allow cash creation in the first batch of products.