← Go back Jan 01, 2024
Fidelity has found a basement for spot bitcoin ETF fees, pricing its proposed fund at less than half most other would-be registrants. The firm’s Wise Origin Bitcoin Fund will charge 0.39 per cent, compared with 0.8 per cent proposed by Ark and 21Shares as well as Valkyrie, according to an updated registration statement posted last week. Invesco’s trust formed with Galaxy Digital, meanwhile, has set its expense ratio at 0.59 per cent, though the fee will be waived for six months on the first $5bn in assets. BlackRock, Bitwise and WisdomTree also filed updated registration statements on Friday, but without disclosing expense ratios. The new filings also identify Jane Street as the go-to choice for authorised participant. Fidelity and WisdomTree named the firm as their sole AP, while BlackRock will contract with Jane Street and JPMorgan Securities, Valkyrie with Jane Street and Cantor Fitzgerald and Invesco/Galaxy with JPMorgan Securities and Virtu. Ark/21 Shares and Bitwise have not yet disclosed their APs. VanEck also filed an updated registration statement but disclosed neither fees nor AP. Bitwise appears to have secured the most in seed funding for its fund, disclosing that its unnamed AP “has indicated an interest” in allocating up to $200mn. The filing stipulates that there is no binding commitment for the investment. BlackRock disclosed that an unnamed affiliate will invest $10mn in seed money for its ETF. Reuters has reported that the Securities and Exchange Commission could notify applicants this week whether they have received approval to launch, and that the first rollouts could occur by January 10.
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