10/01/2024
Spot Bitcoin ETF issuers file amended S-1 applications β Now await SEC approval
Multiple applicants for a spot Bitcoin exchange-traded fund (ETF) have been rushing to file their final Form S-1 amendments to the United States Securities and Exchange Commission (SEC) on Monday, Jan. 8, as expected.
Asset manager Valkyrie was among the first companies to file its final S-1 amendment before Jan. 10, the widely expected date that the first spot Bitcoin ETFs to be approved in the United States.
Valkyrie was followed by WisdomTree, BlackRock, VanEck, Invesco and Galaxy, Grayscale, and ARK Invest and 21Shares.
The new filings open a potentially historic week for Bitcoin as the hopeful issuers are expected to finalize their Form S-1 amendments today. The S-1 amendments include information about fees or identities of the market makers for the potential ETFs.
Some of the filers have significantly cut fees for trading their potential spot Bitcoin ETF products. According to the latest S-1 from ARK & 21Shares, the ETF sponsor will waive its 0.25% fee during a six month period from the day of listing, for the first $1 billion in transactions.
BlackRockβs Bitcoin ETF will charge 0.30% after initial 0.2% fee for the first six months, or $5 billion in transactions.
According to Bloomberg ETF analyst Eric Balchunas, the ongoing fee war between possible spot Bitcoin ETFs will unlikely change much in terms of competition at this point.
βHistorically this hasnβt moved the needle much. Advisors focused on regular fees since they are long term investors. That said, given all these ETFs all do the same thing, maybe it will matter all else equal, weβll see,β Balchunas wrote on X (formerly Twitter).
