Valkyrie, Bitwise, and Other Bitcoin Spot ETF Applicants Have Resubmitted Their S-1 Filing Updates

Notable investment firms such as Valkyrie, Bitwise, Grayscale, Invesco, ARK 21Shares, VanEck, and WisdomTree have filed revamped S-1 documents for their Bitcoin spot ETFs. These updates give us a clearer view into their proposed fee schemes, which is crucial for understanding their competitive stance in the rapidly changing cryptocurrency environment. BlackRock According to the U.S. Securities and Exchange Commission (SEC),

Bitwise has recently made amendments to its Bitcoin spot ETF S-1 document. The revised application reveals an attractive ETF fee structure, with Bitwise proposing a fee of just 0.24%. Additionally, for the first half of the year, the management of the initial $1 billion in trust assets will be free of charge, offering a compelling incentive for potential investors. Interestingly, a recent statement from the American cryptocurrency index fund manager Bitwise noted that just '39% of advisors think a spot Bitcoin ETF will receive approval in 2024.' Moreover, Grayscale has also put forth a modified version of its Bitcoin spot ETF S-3 application, featuring an ETF fee of 1.5%.

The Valkyrie ETF, as disclosed in their documents, is offering a fee rate of 0.8%. In a slightly more competitive approach, Invesco's ETF is presenting a lower fee of 0.59%, plus waiving the top six-month fees. In contrast, BlackRock's proposed ETF, should it gain approval, plans to set fees at 0.20% initially, rising to 0.30% after the fund hits a $50 billion threshold. report The ETF aims for a competitive structure with a 0.25% fee, alongside a no-fee offer for the first six months. VanEck's ETF also states a fee equivalent to 0.25%. These diverse fee strategies underline the different tactics these financial entities are using to attract investors and ensure their Bitcoin spot ETFs stand out in the market.

Players Set to Go Live This Week Upon Approval of Bitcoin ETF

It's important to highlight that these submissions are in line with the SEC’s deadline that requires ETF issuers to submit S-1 amendments before 8 a.m. local time today—an essential step forward in the regulation of these financial instruments.

Meanwhile, ARK 21Shares If approved, the proposed fee schedules could significantly influence the Bitcoin spot ETF landscape, affecting investor choices and market behavior over the next few months. Most applicants have completed their last-minute paperwork.

The cutoff for submissions was 8 a.m., and all firms except for one have delivered their updated S-1 filings (with Grayscale opting for an S-3).

Unless there's a last-minute submission from that one firm today, we are left with the issuers who have all turned in their required documents...

In particular, Grayscale, Ark Invest, Valkyrie, and VanEck have filed Form 8-A with the SEC. This registration will allow them to begin trading on an exchange following product approval, indicating progress toward a potential Bitcoin spot ETF.

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