2024

Bitcoin ETF

Four potential spot Bitcoin ETF issuers have disclosed initial seed capital exceeding $10 million before the SEC decides on bids.&nbsp; 
Per individual filings with the U.S. Securities and Exchange Commission (SEC), VanEck has outclassed BlackRock in direct investment into its spot Bitcoin ETF. VanEck has <a href="https://www.sec.gov/Archives/edgar/data/1838028/000093041324000044/c106800_s1a.htm" target="_blank" data-type="link" data-id="https://www.sec.gov/Archives/edgar/data/1838028/000093041324000044/c106800_s1a.htm" rel="noreferrer noopener">seeded</a> its bid with $72.5 million.&nbsp; 
Crypto investment firm Bitwise seeded its Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) ETF with $500,000 but noted an additional $200 million cash injection <a href="https://www.sec.gov/Archives/edgar/data/1763415/000183988224000524/bitcoin-s1a_010824.htm" target="_blank" rel="noreferrer noopener">expected</a> from Pantera Capital if the SEC approves applications.&nbsp; 
BlackRock and <a href="https://crypto.news/fidelity-files-registration-of-securities-for-its-bitcoin-etf-with-the-sec/" target="_blank" rel="noreferrer noopener">Fidelity</a> seeded their BTC funds with $10 million and $20 million, respectively. These disclosures were either made or fully confirmed in amended S-1 forms filed with the SEC on Jan. 8.&nbsp; 
As crypto.news reported, these updated filings, which included S-3 forms from firms like Grayscale, also revealed the fees these issuers plan to charge. The GBTC provider fielded the most expensive fees at 1.5%, a <a href="https://twitter.com/EricBalchunas/status/1744344919571833104" target="_blank" rel="noreferrer noopener">shock</a> to experts as its considerably higher than competitors. 
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 Wow, Grayscale totally defying Terrordome (which they are not natives of) which usually doesn't work out well but maybe they can afford to given their massive embedded aum and volume. Hard to imagine advisor (where the big money is) picking a 1.5% ETF when others sub 40bps. <a href="https://t.co/T60yz3hlXh" target="_blank">https://t.co/T60yz3hlXh</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1744344919571833104?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 8, 2024</a>
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 You might also like: <a href="https://crypto.news/issuers-reach-significant-milestone-spot-bitcoin-etfs/"> Spot Bitcoin ETF approval: Issuers reach significant milestone </a> 
Five firms, including Invesco Galaxy, will offer fee waivers, allowing investors to trade select spot Bitcoin ETFs at discounted costs for up to six months. Bitwise plans to <a href="https://crypto.news/spot-bitcoin-etf-issuers-amendments-fees/">charge</a> the lowest fee at 0.24%, with ARK 21 Shares and BlackRock close behind with 0.25% and 0.3% fees.&nbsp; 
The filings likely indicate that markets are close to a decision from the SEC on whether to accept or reject spot Bitcoin ETF to allow American investors to trade BTC via regulated vehicles for the first time.&nbsp; 
To mark a long-term vision and strong optimism for spot BTC ETFs, VanEck has pledged 5% of its potential profit to support core Bitcoin developers. The firm has already made a $10,000 donation toward this cause. 
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 Spot Bitcoin ETF fees | Source: Bloomberg
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 Read more: <a href="https://crypto.news/vaneck-to-support-bitcoin-developers-using-etf-profits/"> VanEck to support Bitcoin developers using ETF profits </a>

Pantera, VanEck prepare to make investments following spot Bitcoin ETF approval

crypto.news

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