All applicants for the proposed spot Bitcoin exchange-traded funds (ETFs) have submitted their final amended S-1 applications to the US Securities and Exchange Commission (SEC). This includes eleven asset management firms such as BlackRock, Grayscale, ArkInvest, Fidelity, Franklin, VanEck, Valkyrie, Bitwise, Hashdex, WisdomTree, and Invesco Galaxy.
Valkyrie was one of the first companies to submit its final S-1 amendment ahead of the anticipated January 10 deadline, which is speculated to mark the approval of the first spot Bitcoin ETFs in the United States. Following Valkyrie, other contenders swiftly filed their final amendments.
Some filers have tried to attract investors by significantly reducing fees for trading potential spot Bitcoin ETF products. ARK and 21Shares, for instance, plan to waive their 0.25% fee for the first $1 billion in assets under management (AUM) during a six-month period from the day of listing. BlackRock’s Bitcoin ETF will charge 0.3% for the first 12 months or $5 billion in AUM after an initial 0.2% fee. Despite these fee reductions, ETF analyst Eric Balchunas suggests that the ongoing fee war among potential spot Bitcoin ETFs is unlikely to significantly alter the competitive landscape.
In a show of confidence, BlackRock disclosed that it purchased 227.9 BTC with the proceeds of the seed creation baskets on January 5, 2024, amounting to $10 million. ARK and 21Shares also plan to acquire initial seed creation baskets of $437,000 around January 8. This fund will be utilized to acquire Bitcoin before listing shares on the Cboe BZX Exchange.
This flurry of final filings sets the stage for what could be a historic week for Bitcoin. The hopeful issuers had to finalize their Form S-1 amendments before January 8 as these amendments encompass crucial details such as information about fees and the identities of market makers associated with the potential ETFs. These firms are poised to become the first spot Bitcoin ETFs in the United States. Speculations are rife that the SEC could grant approval for the Spot Bitcoin ETF later this month, with a staggering 95% probability of approval.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Balchunas |
| Companies | Valkyrie, Grayscale, Franklin, Bitwise, Invesco Galaxy, BlackRock, 21Shares, WisdomTree, ArkInvest, Hashdex, Cboe BZX Exchange, VanEck, US Securities and Exchange Commission, Fidelity, Franklin Templeton |
| Currencies | Bitcoin |
| Securities | None |
