The cryptocurrency market is abuzz with anticipation as major asset management firms rush to obtain regulatory approval for the inaugural spot bitcoin exchange-traded funds (ETFs) in the United States.
On Friday, a consortium of applicants, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the joint venture between Ark Invest and 21shares, submitted revised filings to the U.S. Securities and Exchange Commission (SEC). The Ark Invest/21shares collaboration faces the first deadline on January 10 for its proposed spot bitcoin ETF, and many observers anticipate the SEC to greenlight multiple spot bitcoin ETFs by that date.
According to undisclosed sources familiar with the filing process, Reuters reported last week that the SEC might notify issuers of their clearance to launch as early as Tuesday or Wednesday, paving the way for a potential debut the following week.
Meanwhile, fee structures are beginning to take shape within the industry. Valkyrie has announced a 0.80% management fee, mirroring the proposed rate by Ark/21shares. Fidelity, on the other hand, aims to outdo its competitors with an exceptionally low 0.39% fee for its Wise Origin Bitcoin Fund. Invesco offers a 0.59% fee, coupled with a six-month waiver for the first $5 billion in assets.
In filings submitted on Friday, Bitwise outlined plans to seed its spot bitcoin ETF with $200 million, while Blackrock disclosed intentions to seed its ETF with $10 million on January 3. Despite JPMorgan CEO Jamie Dimon’s consistently negative stance, the world’s largest asset manager has enlisted JPMorgan as a lead authorized participant in its ETF venture.