Asset management giant Fidelity on Friday joined other firms including BlackRock and VanEck in filing a revised form for its proposed spot Bitcoin ETF with the Securities and Exchange Commission ahead of an early January deadline for potential approval. . The documents showed what could compete for the lowest fees if regulators eventually give their approval.
In the latest update, Fidelity named Jane Street Capital and JP Morgan Securities as authorized participants. It also said the sponsor fee for the proposed fund would be only 0.39%.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in a post on X that Fidelity’s fees are the lowest they’ve ever been. ““Fidelity is officially ready to party,” he said. wrote.
Many companies have not yet revealed how much they will charge, but Invesco said in a Friday update that the proposed fund would have a sponsor fee of 0.59%. We also plan to waive this for the first six months.
“You have to believe that BlackRock is lower than Fidelity.” said nate Gerasi, President of advisory firm The ETF Store. “I wonder if this fee will eliminate competitors before launch. It would be difficult to compete at 80 bps or any speed.”
Amended Registration Documents
Other asset managers also update their applications on the last business day of the year, and the SEC has received new filings from Valkyrie, Bitwise, WisdomTree, and Franklin Templeton.
black rock island named On Friday, Jane Street Capital and JP Morgan Securities joined as official participants, while Valkyrie named Jane Street Capital and Cantor Fitzgerald. Authorized participants are registered broker-dealers used in the creation and redemption process, which has been a key focus in ongoing conversations with the SEC.
The cryptocurrency industry has been competing for years over a spot Bitcoin ETF that has not yet been approved by the SEC.
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