BTC Surges Above $45,000 as Firms Submit Spot Bitcoin ETF Forms
Several firms, including BlackRock, Grayscale, ARK 21Shares, and others, have submitted updated forms for spot Bitcoin ETFs in a final push for approval. By the deadline, 10 issuers had filed amended S-1 and S-3 forms with the SEC to track the price of spot Bitcoin. The forms were submitted two days before the final decision on the ARK 21Shares Bitcoin ETF. Major exchanges like Nasdaq and NYSE also sent updated filings after meeting with the SEC.
Spot Bitcoin ETFs Offer Competitive Fee Structures
The spot Bitcoin ETF fee war is heating up as issuers compete to attract investors. Although fees may not be the deciding factor for investors, each issuer has tabled competitive rates. Bitwise offers the lowest fee at 0.24%, while Grayscale has set its fee at 1.5%. BlackRock plans to list its iShares Bitcoin Trust with a 0.2% fee for the first year, with fee waivers for up to $5 billion in assets under management (AUM). Other firms like ARK 21Shares and Bitwise also plan to charge zero fees for the first six months and up to $1 billion AUM.
Concerns Over No-Fee Funds
Caitlin Long, founder and CEO of Custodia Bank, voiced concerns over no-fee funds, specifically around securities lending and investor safety. While opinions differ on the impact of spot Bitcoin ETFs on Bitcoin’s price, some believe it is already priced in, while others predict a rally towards its previous all-time high of $69,000. Robert Quartly-Janeiro, chief strategy officer at Bitrue, suggests that institutional adoption and the approval of spot Bitcoin ETFs could drive long-term price increases.
Hot Take: The Battle for Spot Bitcoin ETF Approval
The battle for spot Bitcoin ETF approval is heating up as firms submit their updated forms to the SEC. With competitive fee structures and the potential for increased institutional adoption, the approval of these ETFs could have a significant impact on Bitcoin’s price. However, concerns over no-fee funds and investor safety remain. It remains to be seen how the SEC will weigh these factors in their decision-making process. In any case, the crypto community eagerly awaits the outcome, which could shape the future of Bitcoin investment in the United States.
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