January 8, 2024
In a synchronized move, major financial institutions, including Blackrock, Ark, WisdomTree, and Invesco Galaxy, updated their S1 filings with the U.S. Securities and Exchange Commission today, marking a critical development in the race for the first spot Bitcoin ETF approval.
Ark takes an aggressive stance by reducing its fee from 0.8% to 0.25% and offering a fee waiver for the first six months or the initial $1 billion in assets, intensifying the competitive landscape among Bitcoin ETF issuers.
Blackrock's latest filing outlines a 0.3% fee, positioning it as the fourth lowest among known fees. Additionally, for the initial twelve months and the first $5 billion in funds, Blackrock plans to implement a promotional 0.2% fee, making it a compelling option for potential investors.
Bitwise, currently leading with the lowest fee, recently updated its filing to announce a 0.24% fee, with six months at 0%, altering the competitive dynamics. Ark and VanEck, both filing today, follow closely as the second lowest fees, both at 0.25%.
Blackrock further disclosed the net asset value of the Trust as of January 5, 2024, standing at $9,980,032.71, with a NAV of $24.95.
Invesco Galaxy ETF, set to trade under the ticker BTCO, revealed a 0.59% fee and noted it has seeded approximately $4.8 million in Bitcoin to date.
WisdomTree's ETF, with fees set at 0.5%, disclosed a seed capital investment of $2.5 million, emphasizing the growing financial commitments in the pursuit of the first spot Bitcoin ETF in the United States. As the final stages of potential approval unfold, these developments underscore the intense competition and strategic fee adjustments among major players in the cryptocurrency investment landscape.
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