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Read more: Proposed Invesco Galaxy Bitcoin ETF Will Generate Cash In Latest S-1 Amendment
This move marked a concerted effort by industry giants to wrap up crucial updates before the year’s end.
Invesco Galaxy, standing alongside its crypto-focused counterparts, BlackRock and Valkyrie, disclosed vital information in their S-1 filings. Notably, details about their partnerships and the fees associated with their proposed Bitcoin ETFs were unveiled. Bloomberg ETF analyst Eric Balchunas aptly described these filings as now being “ready to party.”
Reports indicate that the Invesco Galaxy Bitcoin ETF plans to waive the fee for the first six months, encouraging early investment with a reduced $5 billion threshold. This fee structure is anticipated to be more favorable than the transaction fees imposed by centralized exchanges for holding Bitcoin. In comparison, Valkyrie aims to charge a 0.8% management fee, while Fidelity’s S-1 filing presented a competitive fee structure at 0.39%, initially touted as the lowest until Invesco Galaxy’s announcement.
Invesco Galaxy Bitcoin ETF amended filings stand out, naming Virtu and JPMorgan as its Authorized Participants (APs) without a mandate, marking its fourth S-1 amendment.
Notably, other prominent industry players, including BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs, and Pando Asset, have also submitted S-1 applications for spot Bitcoin ETFs.
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