Several asset management firms filed revised documents with the Securities and Exchange Commission (SEC) on Dec. 28 and 29 in anticipation of the SEC’s decision on the approval of exchange-traded funds (ETFs). 

These firms are BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments, and a joint venture between Ark Investments and 21Shares. Grayscale Investments and Hashdex also submitted their updates earlier this month to the SEC. 

The updated SEC filings gave additional details on how trading will be done. Valkyrie, in its filing, disclosed that it intends to charge a management fee of 0.80% on the ETF if the SEC greenlights the product in the new year. Ark and 21Shares had previously stated their plans to impose the same fee on their ETF.

The Fidelity Wise Origin Bitcoin Fund is expected to introduce fees as low as 0.39%.
Invesco, on the other hand, proposed a 0.59% fee but noted in its filing that it would waive this fee for the first $5 billion in assets attracted by the new fund over the initial six months.

There is some speculation by insiders that firms that were able to file revisions before the end of 2023 may be able to launch as early as January 10, which is the SEC’s deadline to decide on the ETF application of Ark Investments and 21Shares.

Bitcoin's price has more than doubled this year, nearing $42,000, partly due to expectations of SEC approval for a spot bitcoin ETF. If regulators do indeed approve such ETFs, they could provide notification to issuers as early as next week.


Insiders say the SEC's decision is imminent. 

Mon Jan 01 2024

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Mon Jan 01 2024 Spot Bitcoin ETF Applicants, Including BlackRock, File Revised SEC Applications

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Mon Jan 01 2024

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