A number of asset management firms, including BlackRock Asset Management and VanEck, Bitcoin (BTC) updated its applications for exchange-traded funds (ETFs) linked to the spot price. These updates were filed with the Securities and Exchange Commission (SEC) last week, fueling speculation that a decision from the regulator could be imminent.
By late Friday afternoon, filings had been updated by several firms, including Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments and a joint venture between Ark Investments and 21Shares. These documents detailed the arrangements each firm made with market makers to ensure transactions were liquid and efficient.
According to Reuters, sources familiar with the application process suggest that issuers that meet year-end application revision deadlines could launch as early as January 10. This is the date by which the SEC must approve or reject the Ark/21Shares ETF.
Reuters: “SEC Will Allow Bitcoin Spot ETFs to Be Traded on Tuesday or Wednesday of the Next Week Following Approval”
According to Reuters sources, the SEC may begin allowing Bitcoin Spot ETFs to be traded on Tuesday or Wednesday in the week following approval on January 10.
Valkyrie said it will receive a 0.80% management fee from the ETF if the SEC approves the products early in the new year. Ark and 21Shares previously announced that they were proposing to charge the same fee for their ETFs.
Fidelity Wise Origin Bitcoin Fund was identified as the cheapest fund with a fee of only 0.39%. Invesco said it planned a 0.59% fee, but added in its filing that it would waive that fee for six months on the first $5 billion in assets attracted by the new fund.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!