Fidelity Cuts Proposed Spot Bitcoin ETF Fees to 0.25%

• Fidelity Investment has lowered its proposed spot Bitcoin ETF fees to 0.25%.
• Fidelity plans to offer fee waivers until July 31, according to a recent filing.

Fidelity plans to lower the fees for its proposed spot Bitcoin exchange-traded fund (ETF) to 0.25% when it resubmits under a revised Form S-1. submitted tuesday.

Fidelity previously set the commission at 0.39% on December 29th. Fidelity also plans to waive fees for market participants until July 31, according to the document.

U.S. rivals pushing the first line of spot Bitcoin ETFs have been racing to attract the market by lowering fees as potential approval from the Securities and Exchange Commission approaches.

See Also: Fidelity and Galaxy Charge Spot BTC ETF Shareholders 0.39% Fee

Asset managers such as Bitwise, WisdomTree, Invesco and Valkyrie were racing to the bottom according to fees submitted earlier this week.

U.S. financial regulators are widely expected to announce their decision on Wednesday.

Jan van Eck, CEO of spot Bitcoin ETF applicant VanEck, told CNBC on Tuesday that he expects his company’s proposed fund to begin trading on Thursday.

Meanwhile, the SEC said its X account was hacked this morning. The account tweeted a fake post saying that an application for a spot Bitcoin ETF had been approved.

The incident caused the price of Bitcoin to fall from over $47,000 on Tuesday to around $45,880 at the time of the announcement.

Following the unauthorized access, the SEC told The Block it would work with law enforcement to investigate the matter.

See also: BlackRock, ARK Invest, Bitwise and Others Compete in Spot Bitcoin ETF Fee War

Despite the incident, Bloomberg Intelligence research analyst James Seyffart said in a post on X that the ETF ruling is likely to follow its original schedule.

“We still expect potential approval tomorrow and a potential transaction to commence on Thursday.” Seyffart wrote in

On a more serious note… there are companies working hard behind the scenes here. @fidelity Fees have been reduced by 25 bps and fees will be waived to 0% until July 31, 2024. pic.twitter.com/Ao0WmICBFh

— James Seyff (@JSeyff) January 9, 2024