The company’s futures-backed Bitcoin ETF received approval from the SEC following approval for the ProShares product

Invesco, a major investment management company with a presence in 20 countries, has chosen to halt its interest in launching a Bitcoin futures exchange-traded fund (ETF).

According to a Bloomberg report, Invesco is no longer pursuing approval for its ETF from the US Securities and Exchanges Commission (SEC), with the company instead looking to file for a new product backed by actual BTC.

The firm’s turnaround comes as the investment community prepares for the launch of the ProShares Bitcoin Futures ETF. This ETF is the first to be backed by derivative contracts and will hit the US trading market.

The newly approved fund is set to go live on the New York Stock Exchange (NYSE) today, Tuesday 19 October.

Invesco turns attention to a physically-settled Bitcoin ETF

Invesco, a Atlanta-based company, has not disclosed the reasons for the withdrawal. However, a spokesperson for the company stated that there has been a change in direction regarding ETFs.

Invesco will continue its partnership with Mike Novogratz, Galaxy Digital, as part of its immediate plans. They recently formed a partnership that allows Invesco to offer several Bitcoin-related products for the growing crypto investor community.

“ We will continue to partner with Galaxy Digital to provide investors full shelf products with exposure to this transformative assets class, according to a spokesperson for Bloomberg.