- The corporations in question recently submitted their final Form S-1 modifications to the SEC.
- ARK and 21Shares will not charge a fee of 0.25% on the first $1 billion in transactions.
Big names in finance, including BlackRock, Ark, Fidelity, Invesco, Galaxy Digital, WisdomTree, and Valkyrie, have taken a bold step toward launching the first Bitcoin exchange-traded fund (ETF) in the U.S as the deadline of January 10th draws near.
The corporations in question recently submitted their final Form S-1 modifications to the SEC, marking a significant turning point in the history of the crypto sector.
In a calculated move to entice investors, a number of applicants have announced steep cost reductions for their potential ETF offerings. To illustrate, during the first six months after listing, ARK and 21Shares will not charge a fee of 0.25% on the first $1 billion in transactions.
The first six months or $5 billion in transactions will incur an initial cost of 0.2% from BlackRock, followed by an increase to 0.30%. The fierce rivalry among issuers to get a portion of this new market is evident in these initiatives.
Watershed Moment
In the following days, the crypto world will eagerly await the judgment of the SEC. These ETFs might be available for trading the next business day if the exchange’s filings (19b-4s) and the issuers’ S-1 forms are approved.
The SEC has always been reluctant to approve such products, mostly because of worries about investor protection and market manipulation, so this change is very noteworthy.
A spot Bitcoin ETF’s approval may be a watershed moment for cryptocurrencies, opening the door to billions of dollars in capital from both individuals and institutions. The industry is keeping a careful eye on the clock since the decisions made by the SEC in the next few days have the potential to drastically alter the crypto investing setting.
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