In a significant move that signals a resurgence in the Bitcoin market, Invesco, a leading global investment management firm with a staggering $1.49 trillion under its management, has reportedly re-submitted its application for a Bitcoin exchange-traded fund (ETF), according to a recent filing with the U.S. Securities and Exchange Commission (SEC).

This development comes on the heels of Invesco’s previous withdrawal of its Bitcoin ETF application in October 2021, which was submitted earlier that same year. The initial withdrawal was largely attributed to the firm’s apprehension over regulatory hurdles. The U.S. Securities and Exchange Commission had demonstrated a reluctance to approve such funds, citing concerns over potential fraud and market manipulation.

However, Invesco’s recent re-filing suggests a renewed sense of optimism from the firm, potentially indicating a shift in the regulatory landscape. This move has sparked curiosity among industry observers, with renowned commentator Nate Geraci noting in a tweet that the SEC has been on a “warpath against crypto,” leading to speculation about what recent changes might have prompted such actions.

Invesco is not alone in its pursuit of a coveted spot in the Bitcoin ETF space. Other prominent names in the financial sector, such as iShares, Bitwise, and WisdomTree, have also submitted filings for spot Bitcoin ETFs since last Thursday.

As reported by U.Today, BlackRock, the world’s largest asset manager, recently caused a stir in the crypto industry by applying for a spot in Bitcoin ETF. This move has led several analysts to attempt to decode the motivation behind this maneuver.

The flurry of filings indicates a renewed surge of institutional interest in the cryptocurrency, suggesting a potential sea change in regulatory approval for such financial products.

The situation remains fluid as the SEC has yet to issue a final decision on these filings. Nonetheless, the re-emergence of Invesco, alongside the entry of other major players in the financial arena, introduces a new twist in the ever-evolving narrative surrounding Bitcoin ETFs. This development is particularly relevant for South Africa, as it could potentially influence the country’s own regulatory stance on Bitcoin and other cryptocurrencies.