Jan 8 (Reuters) - A raft of investment managers
disclosed the fees they plan to charge for their proposed spot
bitcoin exchange-traded funds (ETF), in another step toward
approval this week by the U.S. securities regulator.
BlackRock, VanEck, Ark Investments/21Shares and
Bitwise, among others, said in filings with the Securities and
Exchange Commission (SEC) that they expect to significantly
undercut the average market rate for U.S. ETFs.
Their rates were well below the average rate that analysts
had anticipated and that even some issuers had indicated would
be the range.
A spot crypto ETF would track the market price of the
underlying crypto asset, giving investors exposure to the token
without having to buy the currency. Euphoria around an approval
has helped bitcoin, the world's largest and best-known digital
asset, rally in recent months.
The SEC, which has previously denied all spot bitcoin ETF
applications citing potential for fraud, is expected to announce
its decision as early as this week.
Here are the fees disclosed by the companies:
Company Trust/ETF Fees Notes
name disclosed
BlackRock 0.30% Co says fees will
iShares be 0.20% for the
Bitcoin first $5 bln in
Trust assets for 12
months
Grayscale 1.5%
Investments Grayscale
Bitcoin
Trust
Fidelity 0.39%
Wise
Origin
Bitcoin
Trust
Ark Invest and 0.25% Will waive all fees
21Shares ARK for six months or
21Shares first $1 bln in
Bitcoin assets
ETF
VanEck 0.25%
VanEck
Bitcoin
Trust
WisdomTree 0.50%
WisdomTre
e Bitcoin
Trust
Valkyrie Digital 0.80% Co says it may
Assets Valkyrie temporarily waive
Bitcoin all or a portion of
Fund the fee "at its
discretion for
stated periods of
time" but that it
doesn't intend to
do that "presently"
Invesco and 0.59% Will waive on first
Galaxy Digital Invesco $5 bln in assets
Galaxy for six months
Bitcoin
ETF
Franklin 0.29%
Templeton Franklin
Templeton
Digital
Holdings
Trust
Bitwise Asset 0.24%
Management Bitwise
Bitcoin
ETF
Hashdex 0.94%* Fees on current
Hashdex product; Co has
Bitcoin filed to convert
Futures bitcoin futures ETF
ETF into a spot bitcoin
ETF
Source: Regulatory filings with the U.S. SEC
(Reporting by Manya Saini in Bengaluru, Suzanne McGee in New
York and Hannah Lang in Washington; Editing by Shounak Dasgupta)