Fidelity Joins Race to File Latest Spot Bitcoin ETF Form with SEC, Sets Fund Sponsorship Fees as Low as 0.39%

Asset management giant Fidelity on Friday joined with other firms including BlackRock and VanEck to submit amended forms to the Securities and Exchange Commission for a proposed Spot Bitcoin ETF ahead of an early January deadline for potential approval. submitted. The documents indicated there could be competition for the lowest prices if regulators ultimately give the green light.

In its latest update, Fidelity named Jane Street Capital and JPMorgan Securities as authorized participants. He also said the sponsorship fee for the proposed fund would be just 0.39%.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in a post on X that Fidelity’s fees are the lowest so far. ”“Fidelity is officially ready to party,” he said. I have written.

Many companies have not yet disclosed amounts, but Invesco said in an update on Friday that the proposed fund’s sponsorship fee would be 0.59%. It will also be waived for the first six months.

“I have to believe that BlackRock is lower than Fidelity.” Said Nate Geraci President of advisory company “The ETF Store”. “Will we be able to wipe out competitors before launch at this rate? It will be tough to compete at something like 80bps.”

Amended registration notification

Other asset managers also spent the last business day of the year updating their filings, and the SEC received new filings from Valkyrie, Bitwise, WisdomTree, and Franklin Templeton.

black rock too named On Friday, Jane Street Capital and JPMorgan Securities were selected as authorized participants, while Valkyrie named Jane Street Capital and Cantor Fitzgerald. Authorized participants are registered broker-dealers used in the formation and redemption process, which has emerged as a key point of interest in ongoing discussions with the SEC.

The crypto industry has been fighting for a spot Bitcoin ETF for years, but the SEC has yet to approve it.

Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.