Crypto ETPs are having a tough run of it. There is an oversupply of some products e.g. Bitcoin ETPs, flows are weak, the SEC is proving stubborn in their stance and the market is blighted with bad actors. So, not really that surprising to see 21Shares close a couple of funds this week. We are sure others will follow.
Invesco and Fidelity bitcoin products struggle against smaller rivals
Invesco and Fidelity International are seeing slower crypto sales than some smaller rivals, as experts warn that brand is “not a guarantee to success”.
Invesco, with $1.5btn (€1.47tn) in assets under management, launched the Physical Bitcoin exchange traded product in November last year, making it one of the first large traditional asset managers to offer investors access to the controversial cryptocurrency market.
Invesco to enter Bitcoin ETF space
Invesco has officially filed two bitcoin ETFs and State Street has created their own digital assets team and hinted at possible crypto ETFs in the future. And the Amundi and Lyxor deal is ahead of schedule.