Cointime

Download App
iOS & Android

Amid Bitcoin ETF Race, Wall Street Giants Dot Their Bureaucratic I's as Likely SEC Action Looms

BlackRock, Fidelity and Invesco want all their ducks in a row should the SEC grant approvals early in the new year.

The race to launch a bitcoin ETF reached a bureaucratic crescendo Friday as some of the biggest Wall Street firms finalized their offerings' paperwork ahead of widely expected – possibly imminent – approval from the U.S. Securities and Exchange Commission.

BlackRock, Fidelity and Invesco, as well as crypto-focused firms Valkyrie and Bitwise, revealed key details, including partnerships with vital trading firms and the fees their prospective ETFs will charge customers if the SEC gives the green light.

The fun could start in a matter of days. ETF watchers expect the SEC to drop its years-long stonewalling of a spot bitcoin ETF in early 2024. Over a dozen firms are hoping to break into the new market by selling their own version of the easily investable product to investors who'd rather keep their bitcoin exposure in their conventional brokerage accounts alongside stocks and bonds.

Friday's filing rush suggests the firms aren't willing to take any chances on timing. Bloomberg analysts have said the SEC is likely to approve multiple issuers at once to avoid picking favorites. Thus, the eager issuers are getting all the ducks in a row so that they can be in the first group.

BlackRock set off the end-of-week filing frenzy by declaring JPMorgan and Jane Street its authorized participants – a key role in the ETF business, a job that involves ensuring ETF prices stay closely linked to the value of their underlying assets.Within hours, other filings followed.

With little to differentiate one bitcoin ETF from the next, the fight could come down to fees. Invesco and its partner Galaxy Digital disclosed they'll waive fees for the first six months and $5 billion invested, according to Bloomberg ETF analyst Eric Balchunas. That undercut Fidelity, which plans to charge 39 basis points.

But size also matters. Bitwise revealed it's already lined up $200 million in seed capital for its ETF, edging out BlackRock, which has $10 million at the ready. Investors could also choose one fund over the next simply because of its popularity out of the gate.

ETF
Comments

All Comments

Recommended for you

  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

  • Paribu wallet address transferred more than 4 trillion PEPE, worth about 31 million US dollars

    According to Whale Alert monitoring, the Paribu wallet address transferred 4,049,371,347,309 PEPE tokens worth approximately $31,091,073 via the Ethereum blockchain at around 17:20 today, and all tokens were transferred to an address starting with "0xa23c".

  • Huaxia Virtual Asset ETF's AUM exceeds HK$1 billion, while Bosera and Harvest AUM both exceed HK$500 million

    According to the latest virtual asset ETF asset management scale data from HKEX as of May 3rd:1. Huaxia Ether ETF has an asset management scale of HKD 146.16 million, and Huaxia Bitcoin ETF has reached HKD 880.25 million, with a total amount exceeding HKD 1 billion, reaching HKD 1.02641 billion;2. Bosera HashKey Ether ETF has an asset management scale of HKD 96.59 million, and Bosera HashKey Bitcoin ETF has reached HKD 478.09 million, with a total of HKD 574.58 million;3. Harvest Ether ETF has an asset management scale of HKD 89.97 million, and the encrypted Bitcoin ETF has reached HKD 449.39 million, with a total of HKD 539.36 million.

  • FRIEND fell below $3, and the ecosystem TVL dropped to the $30 million range

    According to DexScreener data, the trading price of friend.tech tokens has fallen below $3 and is currently at $2.31. The current circulating supply is approximately 14.5 million. According to DeFiLlama data, the friend.tech ecosystem's TVL has dropped to the $30 million range, with a 13.6% decline over the past 7 days. Friend.tech was launched on the Ethereum Layer 2 network Base in August of last year. The ecosystem's TVL had once surpassed $50 million and is currently the 9th largest protocol on the Base chain.

  • Animoca Brands: MOCA token distribution is planned to take place around May 24

    Animoca Brands officially announced that the distribution of MOCA tokens is planned to take place around May 24th. The token release information includes:

  • NFT lending platform Blend’s total transaction volume exceeded US$6 billion, with more than 650,000 loans

    The latest data from Dune shows that the total transaction volume of Blend, an NFT lending platform under Blur, has exceeded 6 billion US dollars, reaching 6,048,459,706 US dollars at the time of writing, with a total of 659,353 loans; the total number of independent borrowing users is 10,458, and the total number of independent lending users is 4,447. The current total active loan amount is 3,347, with an active loan amount of approximately 6,013 ETH.

  • Yuga Labs will migrate the Otherside metaverse to Improbable’s Msquared

    Yuga Labs and Improbable announced the migration of Otherside Metaverse to Improbable's Msquared, which is Improbable's interconnected Metaverse network. By rebuilding Otherside, Yuga Labs will provide the community with the ability to build in large-scale environments and interoperability. Improbable and Yuga Labs also announced other news about the development of Otherside, including a large multiplayer game event in July and the launch of Otherside development toolkit World Builder ODK.

  • friend.tech has opened airdrop token applications, FRIEND is currently priced at $3.34

    According to the official website, friend.tech has opened up the airdrop of the token FRIEND for claiming, with FRIEND currently priced at $3.34. Previously reported, friend.tech will release version 2 and conduct an airdrop on May 3rd.

  • The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

    The Ethereum developers held their 133rd ACDC conference call. First, they outlined the latest research on Ethereum protocol confirmation rules. Then, they discussed Pectra updates related to EIP-7547 and CFI states, and decided to put them on hold temporarily. They also updated the v1.5.0-alpha.1 specification. Regarding the implementation updates for devnet-0, most teams are making progress, but there are also some unexpected complexities. The goal is to complete devnet within 7-10 days.

  • Hong Kong Investment Commission: Virtual asset spot ETFs can be bought and sold through banks

    Hong Kong investors and the Financial Education Committee have stated that the investment scope of spot virtual asset ETFs is limited to virtual assets (currently limited to Bitcoin and Ethereum) provided to the Hong Kong public for buying and selling on virtual asset trading platforms holding China Securities Regulatory Commission licenses. Trading counterparties must buy and sell virtual assets through licensed virtual asset trading platforms to reduce counterparty risks. Asset custody must be entrusted to designated institutions regulated in Hong Kong, such as licensed virtual asset trading platforms, banks, or their subsidiaries registered in Hong Kong, to reduce custody risks. Investors can buy and sell virtual asset spot ETFs through securities firms or banks. Some virtual asset spot ETFs also provide non-listed fund unit categories, which operate similarly to non-listed funds. Investors can apply for and redeem units through securities firms or banks.