Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

James

All major players in the Bitcoin exchange-traded product (ETP) rushed to amend S-1 forms before the SEC’s final deadline on Monday. Tuesday saw some stir due to a <a href="https://coingape.com/false-sec-approval-alert-spot-bitcoin-etf-decision-still-pending/" rel="noopener noreferrer nofollow">false SEC approval post</a>, which was later identified as a hacking incident and removed from the official channel.
In the meantime, <a href="https://coingape.com/franklin-templeton-invesco-galaxy-ark-21shares-file-s-1-updates-for-bitcoin-etf/" rel="noopener noreferrer nofollow">applicants are adjusting</a> their offerings, with implications for fees, waivers, and custodial relationships ahead of the expected <a href="https://coingape.com/peter-schiff-criticizes-bitcoin-amid-etf-approval-buzz/" rel="noopener noreferrer nofollow">decision</a> on Wednesday.&nbsp;
Bloomberg’s senior analyst, James Seyffart, offered a glimpse of the final S-1 documents.
<figure id="attachment_173050" aria-describedby="caption-attachment-173050" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-173050 size-full" src="https://coingape.com/wp-content/uploads/2024/01/ETF.png" alt="" width="871" height="361" srcset="https://coingape.com/wp-content/uploads/2024/01/ETF.png 871w, https://coingape.com/wp-content/uploads/2024/01/ETF-300x124.png 300w, https://coingape.com/wp-content/uploads/2024/01/ETF-768x318.png 768w, https://coingape.com/wp-content/uploads/2024/01/ETF-150x62.png 150w" sizes="(max-width: 871px) 100vw, 871px">
 <figcaption id="caption-attachment-173050" class="wp-caption-text">
 Source: Bloomberg’s James Seyffart at press time&nbsp;
 </figcaption>
</figure>
Bitwise ETF, under the ticker BITB, is offering a waiver for six months or until the fund reaches $1 billion in assets. Afterward, it will charge a fee of 0.20%, slashed from the earlier 0.24%. The fund is listed on the NYSE, with Coinbase named as the custodian.
ARK 21Shares, under the ticker ARKB, presents a similar model. The fee after the waiver period is at 0.25% It will be listed on CBOE, with Coinbase as its custodian.
Fidelity Wise has slashed its fee to 0.25% with a waiver period until July 31. FBTC will be listed on CBOE, and custodian is Fidelity.
<h2 id="span-data-preserver-spaces-true-competition-leads-to-more-fee-slashes-span">Competition leads to more fee slashes&nbsp;</h2>
<a href="https://coingape.com/wisdomtree-vaneck-spot-bitcoin-etf-tickers-listed-on-dtcc/" rel="noopener noreferrer nofollow">WisdomTree Bitcoin Trust</a>, BTCW, is reportedly offering a 0.30% post-waiver. WisdomTree’s waiver lasts for 6 months or until $1 billion in assets. The custodian is again Coinbase.&nbsp;
Invesco Galaxy Bitcoin ETF, under the ticker BTCO, has a waiver term of 6 months, or $5 billion in assets. Listed on CBOE, BTCO will charge 0.39% after this period. Coinbase serves as the custodian for Invesco ETP as well.&nbsp;
Valkyrie Bitcoin Fund, BRRR, sets only a 3-month waiver period. It will charge a relatively higher fee of 0.49% after that. BRRR will be listed on Nasdaq and use Coinbase as their custodian.
The iShares Bitcoin Trust, IBIT, has opted for a revenue-intensive model. It has set a fee of 0.20% for a 12-month waiver period or until it achieves $5 billion in assets. The post-waiver fee is 0.30%. It will be listed on Nasdaq, and Coinbase continues to be the preferred custodian.
VanEck Bitcoin Trust, HODL, is levying a 0.25% fee without waivers, to be listed on CBOE. Gemini will act as the custodian.Franklin Bitcoin ETF, EZBC, comes in with a 0.29% fee, no waiver, listed on CBOE, and Coinbase as the custodian.
Hashdex Bitcoin ETF has a listed 0.90% fee with no waiver, marked for the NYSE, with BigGo as the custodian.&nbsp;
Lastly, Grayscale Bitcoin Trust (GBTC) stands out with a substantial fee of 1.5% with no waiver. A potential slash is expected at this range. It will be listed on the NYSE and use Coinbase as the custodian.
This panorama of filings and re-filings is an effort to capture market share in the burgeoning crypto ETP space. Meanwhile, the custodial arrangements indicate a strong preference for Coinbase, with other major players like Fidelity, Gemini, and BitGo also in the mix.
The post <a href="https://coingape.com/bitcoin-etf-race-heats-up-as-firms-reduce-fees-in-final-push-before-sec-verdict/" rel="noopener noreferrer nofollow">Bitcoin ETF Race Heats Up as Firms Reduce Fees in Final Push Before SEC Verdict</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin ETF Race Heats Up as Firms Reduce Fees in Final Push Before SEC Verdict

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