Bitwise, Fidelity, BlackRock file updated filings for spot Bitcoin ETF on deadline

Key Takeaways

Fidelity highlighted Jane Street Capital and JP Morgan Securities as approved participants.

BlackRock, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity and WisdomTree filed documents with the SEC.

Several major asset management firms, including Fidelity, BlackRock, and VanEck, have filed amendment forms for their proposed spot Bitcoin ETF with the Securities and Exchange Commission (SEC), marking a pivotal moment in their pursuit of industry approval. The move also potentially levels the playing field for those offering the lowest fees, subject to SEC approval.

Fidelity’s recent update highlighted Jane Street Capital and JP Morgan Securities as approved participants, with a very low sponsor fee of just 0.39%, currently the most competitive among competitors. This positions Fidelity as a leader in the market entry race.

On the last business day of the year, 21Shares’ joint venture with BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments, and Ark Investments filed new documents with the SEC. It details our arrangements with market makers to ensure efficient and liquid trading upon ETF launch.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, pointed out that Fidelity’s fees are currently the lowest among its peers, indicating it is prepared to compete in the market. Not all companies have disclosed their proposed fees, but Invesco has announced a 0.59% sponsor fee and plans to waive it for the first six months. Observers have speculated that BlackRock could enter with significantly lower fees than Fidelity, potentially reshaping the competitive landscape.

Adding to the momentum, other asset managers including Valkyrie, Bitwise, WisdomTree and Franklin Templeton updated their ETF applications on the last business day of the year. BlackRock and Valkyrie have named Jane Street Capital and JP Morgan Securities as authorized participants, an important element of their ongoing discussions with the SEC.

The cryptocurrency industry has long been awaiting SEC approval for a spot Bitcoin ETF, and while the regulator has yet to give the go-ahead, recent filings from major players signal a potential breakthrough. The SEC has set the spot BTC ETF S-1 amendment deadline for December 29th. Grayscale announced in its latest filing on December 27 that it is converting the Grayscale Bitcoin Trust into a cash-only spot ETF, aligning with similar moves by VanEck and BlackRock in previous revisions.

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