Fidelity Plans to Lower Fee for Bitcoin ETF
Fidelity Investments intends to decrease the fee for its proposed spot bitcoin exchange-traded fund (ETF) from 0.39% to 0.25%, according to a revised S-1 form submitted on Tuesday. The company also plans to waive the fee for market participants until July 31. This move comes as US contenders in the race to launch the first line of spot bitcoin ETFs have been lowering fees in anticipation of potential approval from the Securities and Exchange Commission (SEC). Bitwise, WisdomTree, Invesco, and Valkyrie are among the asset managers competing in this regard.
SEC’s X Account Hacked
In a separate development, the SEC’s X account was hacked earlier today, resulting in a fake tweet claiming that spot bitcoin ETF applications had been approved. This incident caused a drop in bitcoin’s price to around $45,880. The SEC has stated that it will collaborate with law enforcement to investigate the matter.
Expectations for ETF Verdict
The SEC is expected to announce its decision on spot bitcoin ETFs on Wednesday. Despite the hacking incident, Bloomberg Intelligence research analyst James Seyffart believes that the verdict will likely follow the original schedule, with potential approvals tomorrow and potential trading beginning on Thursday.
Hot Take: Fidelity Lowers Fee for Bitcoin ETF
Fidelity Investments has revised its proposed spot bitcoin ETF fee, reducing it from 0.39% to 0.25%. This move aligns with other asset managers who are vying to attract investors by lowering fees ahead of potential approval from the SEC. Additionally, Fidelity plans to waive the fee for market participants until July 31. Meanwhile, the SEC’s X account was hacked, causing a temporary drop in bitcoin’s price. Despite this incident, expectations remain for the SEC to announce its decision on spot bitcoin ETFs as scheduled, potentially leading to trading starting on Thursday.
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