March 28, 2024
Spot Bitcoin ETF Hopefuls Lock Horns
Bitcoin News

Bitcoin ETF Race Heats Up as Top Names Finalize SEC Filings

Several contenders vying for a spot in the Bitcoin exchange-traded fund (ETF) have hurried to submit their final Form S-1 amendments to the United States Securities and Exchange Commission (SEC) on the expected date of Monday, Jan. 8. Asset manager Valkyrie was one of the initial entities to complete its final S-1 amendment before the anticipated Jan. 10 deadline, which is widely speculated as the potential approval date for the first spot Bitcoin ETFs in the United States.

Following Valkyrie’s lead, other significant names such as WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, 21Shares, Fidelity, Bitwise, and Franklin Templeton also filed their respective amendments.

These recent filings mark a potentially momentous week for Bitcoin, as these hopeful issuers are set to conclude their Form S-1 amendments today. These amendments encompass crucial details such as information on fees and the identities of market makers associated with the prospective ETFs. Notably, some filers have notably reduced fees for trading the potential spot Bitcoin ETF products. For instance, ARK and 21Shares have disclosed plans to waive their 0.25% fee for a six-month period following listing for the initial $1 billion in transactions.

BlackRock’s proposed Bitcoin ETF is expected to charge 0.30%, with an introductory 0.2% fee for the initial six months or $5 billion in transactions. Despite this ongoing fee competition among potential spot Bitcoin ETFs, Bloomberg ETF analyst Eric Balchunas expressed skepticism about substantial shifts in competition due to this factor.

“Traditionally, this hasn’t caused significant changes. Advisors tend to focus on long-term fees as they are investors with a long-term outlook. However, given that all these ETFs essentially offer the same service, perhaps this factor will hold weight, all else being equal. Time will tell,” wrote Balchunas on X (formerly Twitter).

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