(Bloomberg) -- Invesco Ltd. has dropped its pursuit of a futures-backed Bitcoin exchange-traded fund hours before the first such product is set to launch on a U.S. exchange. 

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF,” an Invesco spokesperson said in a statement.

The firm declined to comment further.

The decision comes on the eve before the ProShares Bitcoin Strategy ETF (ticker BITO) begins trading. The Securities and Exchange Commission is facing deadlines for applications from Invesco, VanEck and Valkyrie this month. Bloomberg News reported Thursday that the SEC isn’t likely to block the products from starting to trade next week. 

Bitcoin has rallied about 40% this month amid anticipation that approval of an ETF will lead to greater investor acceptance of the digital currency. 

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