In a significant development in the cryptocurrency sector, major institutions are vying for the first spot in the Bitcoin Exchange Traded Fund (ETF). Blackrock, Ark, WisdomTree, and Invesco Galaxy have all submitted updated S1 filings to the SEC. These filings were submitted within minutes of each other on January 8, marking the final stages of the potential approval of the first spot Bitcoin ETF in the United States.
Blackrock’s ETF stands out with its competitive fee structure. According to the latest filing, the Blackrock ETF plans a low 0.3% fee, making it the lowest of the known fees at this time. In an aggressive move to attract funds, Blackrock will offer a promotional fee of 0.2% for the first twelve months and $5 billion in funds. The company stated, “For a twelve-month period commencing on the day the Shares are initially listed on NASDAQ, the Sponsor will waive a portion of the Sponsor’s Fee so that the Sponsor’s Fee after the fee waiver will be equal to 0.20% of the net asset value of the Trust for the first $5.0 billion of the Trust’s assets.”
Blackrock also disclosed that “as of January 5, 2024, the date the Seed Capital Investor purchased the Seed Creation Baskets, the net asset value of the Trust was $9,980,032.71, and the NAV was $24.95.”
Meanwhile, the Invesco Galaxy ETF, which will trade under the ticker BTCO, has seeded around $4.8 million in Bitcoin to date. The filing states, “Accordingly, as of the market close on January 4, 2024, the Trust had total assets of $4,857,935.50, solely represented by bitcoin held in custody by the Bitcoin Custodian, and had 110,000 Shares outstanding, entirely held by the Sponsor. The Sponsor acted as a statutory underwriter in connection with these purchases.”
This is a developing story and will be updated as more information becomes available.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Blackrock, Ark, WisdomTree, NASDAQ, Invesco Galaxy |
| Currencies | Bitcoin |
| Securities | None |
