Invesco Bitcoin and Ethereum ETFs Push for Direct Crypto Swaps
Published Date: 6/20/2025
Notice
Summary
The Cboe BZX Exchange wants to change the rules for trading shares of the Invesco Galaxy Bitcoin and Ethereum ETFs. They’re asking to allow 'in-kind' creations and redemptions, which means investors can swap actual crypto assets instead of just cash. This could make trading smoother and possibly save money for investors, but the SEC is still deciding if this change is a good idea.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Allow In‑Kind Crypto ETF Creations/Redemptions
On March 10, 2025, Cboe BZX filed to amend BZX Rule 14.11(e)(4) to allow in‑kind creations and redemptions for the Invesco Galaxy Bitcoin ETF and the Invesco Galaxy Ethereum ETF. In‑kind creations and redemptions mean authorized participants could deliver or receive actual bitcoin or ether instead of settling only in cash when creating or redeeming ETF shares. The SEC instituted proceedings on June 16, 2025 to decide whether to approve or disapprove this proposed change.
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