Summary
The Securities and Exchange Commission (SEC) has approved 11 spot bitcoin exchange-traded funds (ETFs) to launch, out of the 14 proposals filed. The approved issuers include Ark 21Shares, BlackRock, VanEck, Fidelity, and Franklin Templeton. The funds cannot start trading until the necessary registration documents are made effective by the agency. The registration filings disclosed the fees and authorized participants, with all 11 filers planning to use Jane Street as one of their authorized participants. Grayscale’s ETF has the highest fee at 1.5%, while Bitwise has the lowest at 20 basis points, waiving its fee for the first six months. Grayscale and Bitwise confirmed that their ETFs would start trading on Thursday. Fidelity and WisdomTree also stated that their S-1 statements are now effective. BlackRock plans to launch on January 11. The next phase for the approved ETFs is marketing and competing for assets.
Key Points
1. The Securities and Exchange Commission (SEC) has given approval for 11 spot bitcoin ETFs to launch, allowing issuers such as Ark 21Shares, BlackRock, VanEck, Fidelity, and Franklin Templeton to enter the market.
2. The approved firms must wait for their necessary registration documents (S-1s) to be made effective by the SEC before they can start trading.
3. The registration filings revealed details about fees and authorized participants, with all 11 filers planning to use Jane Street as one of their authorized participants. Grayscale’s ETF has the highest fee at 1.5%, while Bitwise has the lowest fee at 20 basis points, with the fee waived for the first six months of $1 billion.