SEC Decision on Spot Bitcoin ETFs Expected
The U.S. Securities and Exchange Commission (SEC) is expected to make a decision regarding the approval of spot bitcoin exchange-traded funds (ETFs) by Tuesday or Wednesday, according to sources. This news has generated a lot of excitement within the market as major asset management firms have updated their filings with the SEC.
Asset Management Firms Revisions Reflect Optimism
Several prominent asset management firms, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest/21shares joint venture, have recently submitted revised filings with the SEC. The first deadline for the proposed spot bitcoin ETF by Ark Invest/21shares is Jan. 10. Many industry insiders anticipate the SEC approving multiple spot bitcoin ETFs by that date.
Possible Approval Notification Expected This Week
According to insiders familiar with the filing process, the SEC could notify issuers as early as Tuesday or Wednesday if they have been cleared to launch their spot bitcoin ETFs the following week.
Fee Structures and Seeding Plans
Valkyrie and Ark/21shares have both proposed a management fee of 0.80% for their spot bitcoin ETFs. Fidelity plans to offer a lower fee of 0.39% for its Wise Origin Bitcoin Fund, while Invesco proposes a 0.59% fee with a six-month waiver for the first $5 billion in assets. Additionally, Bitwise plans to seed its spot bitcoin ETF with $200 million, and Blackrock intends to seed its ETF with $10 million on Jan. 3.
Biggest Asset Manager Names JPMorgan as Lead Participant
Despite JPMorgan CEO Jamie Dimon’s consistent negative stance on bitcoin, Blackrock has chosen JPMorgan as a lead authorized participant for its ETF.
Hot Take: SEC Decision on Spot Bitcoin ETFs Nearing
The anticipation surrounding the SEC’s decision on spot bitcoin ETFs is reaching its peak. If approved, this will mark a significant milestone for the cryptocurrency industry in the U.S. As major asset management firms position themselves for success, the market eagerly awaits the SEC’s announcement. The outcome of this decision could have a profound impact on the adoption and acceptance of bitcoin, paving the way for further mainstream investment opportunities. Keep a close eye on the upcoming days as the industry holds its breath for the potential green light.
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