There have been reports that the U.S. Securities and Exchange Commission (SEC) may decide on Tuesday or Wednesday whether to approve a Bitcoin spot exchange-traded fund (ETF). Excitement for America’s first spot Bitcoin ETF grew further last week when the prominent asset manager updated its filing with the SEC.
Green light imminent? SEC may make decision by Tuesday/Wednesday
Market participants are buzzing with anticipation as major asset managers scramble to secure regulatory approval for the first U.S. physical bitcoin exchange-traded fund (ETF).
The applicants, which include Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree and the Ark Invest/21shares joint venture, all filed amended filings with the U.S. Securities and Exchange Commission (SEC) on Friday. The first due date for the spot Bitcoin ETF proposed by Ark Invest/21shares is January 10. Many expect securities regulators to approve several spot Bitcoin ETFs by that date.
Reuters reported last week, citing people familiar with the filing process who spoke on the background:
The SEC could notify the issuer on Tuesday or Wednesday that it has been approved for launch next week.
The fee structure is also being fleshed out, with Valkyrie announcing a 0.80% management fee, mirroring the rate proposed by Ark/21shares. However, Fidelity aims to undercut the competition with a very low 0.39% fee for its Wise Origin Bitcoin Fund. Meanwhile, Invesco offers a 0.59% fee with a six-month waiver for the first $5 billion in assets.
Bitwise said in a filing on Friday that it plans to seed $200 million in a spot Bitcoin ETF, while Blackrock recently revealed plans to seed $10 million in the ETF on January 3. The world’s largest asset manager has named JPMorgan as its lead approved participant. Despite continued negativity from JPMorgan CEO Jamie Dimon.
Do you think the SEC will approve a spot Bitcoin ETF before the January 10th deadline? Let us know in the comments section below.
Source: Bitcoin.com