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Home»ADOPTION NEWS»Fidelity has joined the race to file an updated spot Bitcoin ETF form with the SEC and has set the fund’s sponsor fee at a low 0.39%.
ADOPTION NEWS

Fidelity has joined the race to file an updated spot Bitcoin ETF form with the SEC and has set the fund’s sponsor fee at a low 0.39%.

By Crypto FlexsDecember 29, 20233 Mins Read
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Fidelity has joined the race to file an updated spot Bitcoin ETF form with the SEC and has set the fund’s sponsor fee at a low 0.39%.
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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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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