Asset managers WisdomTree and Valkyrie have announced temporary fee waivers for their spot Bitcoin ETF applications, according to Bloomberg ETF analyst James Seyffart. WisdomTree will waive its fees for six months or the first $1 billion of assets, reducing fees from 0.30% to zero during the waiver period. Valkyrie Investments will waive its fees for three months, reducing its fee from 0.49% to zero during the waiver period.
The waivers apply to sponsor’s fees, which are collected by the sponsor from the ETF trust in compensation for services performed under the trust agreement and for other sponsor-paid services. This move brings Valkyrie and WisdomTree in line with four other ETF applicants that have similarly waived fees: Bitwise, Ark Invest, Invesco, and BlackRock (iShares). However, BlackRock will maintain a 0.20% fee after the waiver.
These waivers are part of a larger trend of ‘fee wars’ where various firms have reduced their regular fees through competitive filings. Blackrock, Ark Invest, WisdomTree, and Invesco each reduced or specified their fees in filings on Jan. 8. Grayscale also reduced its fee to 1.5% from 2% on the same day.
There is anticipation that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF on Jan. 10, and that trading will begin in the coming days. The SEC has engaged extensively with applicants and must decide on Ark Invest’s application on the same day. However, approval is not certain.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | James Seyffart |
| Companies | Bitwise, Valkyrie Investments, BlackRock, WisdomTree, Ark Invest |
| Currencies | Bitcoin |
| Securities | Bitwise, Valkyrie Investments, BlackRock, WisdomTree, Ark Invest |
