Valkyrie, Bitwise and other Bitcoin Spot ETF applicants submit updated S-1 documents.
Posted: January 8, 2024 10:00 AM Updated: January 8, 2024 10:00 AM
Correction and fact check date: January 8, 2024, 10:00 AM
briefly
Investment firms Valkyrie, Bitwise, Grayscale and others have filed updated S-1 documents for the Bitcoin ETF Spot.
Prominent investment firms including Valkyrie, Bitwise, Grayscale, Invesco, BlackRock, ARK 21Shares, VanEck, and WisdomTree have officially filed updates to the Bitcoin ETF S-1 document. These filings provide valuable insight into each company’s proposed fee structure, shedding light on their competitive position in the evolving cryptocurrency market.
As reported on the U.S. Securities and Exchange Commission (SEC) official website, Bitwise recently revised its Bitcoin Spot Exchange Traded Fund (ETF) S-1 document. The updated filing discloses a competitive ETF fee structure, with Bitwise setting fees at 0.24%. In particular, all sponsorships for the first $1 billion of trust assets are exempt for the first six months, providing a notable incentive for potential investors.
Interestingly, US cryptocurrency index fund manager Bitwise stated in a recent report that “only 39% of advisors believe a spot Bitcoin ETF will be approved in 2024.”
Grayscale also submitted an updated version of its Bitcoin Spot ETF S-3 application with an ETF fee standard of 1.5%.
As described in the filing, the Valkyrie ETF is proposing a fee standard of 0.8%. In comparison, the Invesco ETF offers a somewhat lower fee standard of 0.59%, and in particular, fees will be exempted for the first six months. If BlackRock’s ETF is approved, it will charge a fee of 0.20% for the first 12 months, rising to 0.30% if the fund exceeds $50 billion.
Meanwhile, the ARK 21Shares ETF is targeting a 0.25% fee structure, with the added incentive of no fees for the first six months. VanEck ETF offers a 0.25% commission rate, depending on what is submitted. These fee structures reflect the different approaches taken by these investment firms to attract investors and position Bitcoin spot ETFs competitively in the market.
Players Ready to Launch This Week After Bitcoin ETF Approval
These filings are made in compliance with the U.S. Securities and Exchange Commission’s (SEC) requirement that ETF issuers file S-1 amendments no later than 8 a.m. local time today, an important step in the regulatory process for these financial products. means.
The proposed fee structure, if approved, could play a significant role in shaping the landscape of Bitcoin spot ETFs and could influence investor decisions and market dynamics in the coming months. Most players complete their paperwork at the last minute.
Metaverse Post previously reported that Grayscale, Ark Invest, Valkyrie and VanEck filed Form 8-A with the Securities and Exchange Commission (SEC). Registration will allow issuers to trade on exchanges following product approval, indicating progress toward a potential spot Bitcoin ETF.
Moreover, according to recent guidance from the SEC and several media reports, approval is likely by January 10, 2024. However, it will be interesting to see how this week will impact the ‘crypto sector’.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. For more information, please refer to the Terms of Use and any help and support pages provided by the publisher or advertiser. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
more articles
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.