Key Points:
Designating JANE STREET, VIRTU, FLOW TRADERS, and FLOWDESK as liquidity providers and JANE STREET, VIRTU, MACQUARIE, and ABN AMRO as authorized participants, the Grayscale Bitcoin ETF awaits approval from the US Securities and Exchange Commission.
Compared to Grayscale Bitcoin Trust’s (GBTC) current 2% fee, the proposed 1.5% fee remains higher than its competitors. Despite GBTC’s advantage of $27 billion in assets since 2013, Bloomberg reports that rival ETFs offer significantly lower expense ratios.
Fidelity, a financial services giant, proposed the most economical fee at 0.39% of the ETF’s net asset value. In contrast, Grayscale, Ark/21Shares, BlackRock, VanEck, WisdomTree, Invesco, Fidelity, Valkyrie, and Franklin have presented lower fee structures in recent filings.
BlackRock, the world’s largest asset manager, plans to charge 0.20% for the first $5 billion of the iShares Bitcoin Trust’s assets, followed by 30 basis points. Bitwise offers a 24 basis point fee with an initial waiver on the first $1 billion of trust assets, while Ark Invest and 21Shares propose a 25 basis point fee with a similar waiver.
VanEck and Franklin Templeton beat Fidelity’s fee, standing at 25 and 29 basis points, respectively, according to Monday filings, without intending to waive any fees. The SEC is expected to vote on the exchanges’ filings (19b-4s) in the coming days, potentially leading to ETF trading as soon as the next business day if both sets of required approvals are granted.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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