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Invesco launches physically-backed Bitcoin ETP

Bitcoin currenciesInvesco is set to launch a Physical Bitcoin ETP (BTIC) which will be 100% backed by holdings in the underlying digital assets, with the aim of delivering the price performance of bitcoin, less a fixed 0.99% annual fee.

Bitcoins will be held on behalf of the Invesco ETP by Zodia Custody, a UK-based digital asset custodian, which is registered with the Financial Conduct Authority as a crypto asset business under UK Anti-Money Laundering regulations.

Zodia Custody was incubated by SC Ventures, the innovation arm of Standard Chartered. Northern Trust is a co-investor in Zodia Custody and the administrator for the Invesco ETP.

CoinShares, a digital asset investment firm, will act as the index sponsor and serve as the execution agent for the Physical Bitcoin ETP.

According to Invesco, bitcoin accounts for 42% of the $2 trillion cryptocurrency market and with more than $2 billion worth of bitcoins traded on digital exchanges around the world each day, it is the most liquid.

As of 30 September 2021, Invesco managed $1.5 trillion in assets.

A string of firms, including Tobam and Jacobi, have also recently launched bitcoin funds.

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