11 issuers, including BlackRock, have submitted revised documents for Bitcoin spot ETFs to the SEC. The following summarizes the fee structures of each issuer:
– Grayscale (GBTC): 1.5% fee
– Ark 21 Shares (ARKB): Initially no management fee, but after 6 months or when the fund exceeds $1 billion in size, a 0.25% fee will be charged.
– iShares (IBIT): Initially a 0.2% management fee, which increases to 0.3% after 12 months or when the fund exceeds $5 billion in size.
– Bitwise (BITB): Initially no management fee, but after 6 months or when the fund exceeds $1 billion in size, a 0.24% fee will be charged.
– VanEck (HODL): 0.25% fee
– Wisdomtree (BTCW): 0.50% fee
– Invesco Galaxy (BTCO): Initially no management fee, but after 6 months or when the fund exceeds $5 billion in size, a 0.59% fee will be charged.
– Fidelity (FBTC): 0.39% fee
– Valkyrie (BRRR): 0.8% fee
– Hashdex (DEFI): 0.9% fee
– Franklin (EZBC): 0.29% fee
Pando Asset Management and Global X have not submitted updated S-1 documents before the deadline.
Grayscale has the highest fee of 1.5%, which is 7 times higher than BlackRock’s initial fee. However, the final determination of the fee waiver clause in Grayscale’s documents is still pending. Analyst James Seyffart believes it wouldn’t be surprising to see Grayscale further lower the fee for its Bitcoin spot ETF, considering that the fees of other issuers are significantly lower.
In addition to the fee issue, tax considerations will also be important for many investors. Analyst Eric Balchunas suggests that Grayscale’s GBTC is more advantageous in terms of taxes.
Sui Chung, CEO of CF Benchmarks, a cryptocurrency index provider, has mentioned in a recent interview that low fees could bring real pressure to cryptocurrency exchanges.
Nate Geraci, President of investment advisory firm The ETF Store, stated that the fees announced by Bitcoin spot ETF issuers are a great victory for investors, as some have accused these issuers of trying to make money. However, he also added that low-fee Bitcoin spot ETFs will bring real pressure to cryptocurrency exchanges, and companies like BlackRock, the world’s largest asset management firm, with their competitive fees, could become the new market leaders.
Related reports:
– Peter Schiff, a prominent Bitcoin critic, claims that the approval of a Bitcoin spot ETF could lead to a collapse in BTC.
– BlackRock has not yet been notified by the SEC, and FOX analysts discuss the crucial approval time for Bitcoin spot ETFs.
– Wall Street investment banks believe that the SEC does not want to repeat the “defeat of Grayscale” and is forced to approve a Bitcoin spot ETF by January 10th.
– BlackRock, Fidelity, and 9 other issuers have announced their “Authorized Participants,” the final step in the SEC’s approval of Bitcoin spot ETFs.