SEC Unlocks Crypto Swaps for Invesco's Bitcoin and Ethereum ETFs
Published Date: 7/25/2025
Notice
Summary
The Cboe BZX Exchange wants to change the rules for the Invesco Galaxy Bitcoin and Ethereum ETFs to allow investors to create and redeem shares 'in-kind'—meaning they can swap actual crypto assets instead of cash. This change could make trading smoother and cheaper for investors holding these ETFs. The SEC is reviewing the proposal, with decisions and possible trading impacts expected soon.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Bitcoin ETF: Allow In‑Kind Creations/Redemptions
If you own the Invesco Galaxy Bitcoin ETF, the Exchange proposes that authorized participants may create or redeem shares by delivering or receiving bitcoin (in‑kind) instead of cash. Creations/redemptions would occur in Creation Baskets of 5,000 shares, and in‑kind purchase orders must be placed by 4:00 p.m. Eastern Time on a business day.
Ethereum ETF: Allow In‑Kind Creations/Redemptions
If you own the Invesco Galaxy Ethereum ETF, the Exchange proposes that authorized participants may create or redeem shares by delivering or receiving ether (in‑kind) instead of cash. Creations/redemptions would occur in Creation Baskets of 5,000 shares, cash creation orders must be placed by 2:30 p.m. Eastern Time, and in‑kind creation orders must be placed by 4:00 p.m. Eastern Time on a business day.
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