{"id":568565,"date":"2024-01-08T14:15:13","date_gmt":"2024-01-08T14:15:13","guid":{"rendered":"https:\/\/www.wncen.com\/?p=568565"},"modified":"2024-06-11T10:39:04","modified_gmt":"2024-06-11T10:39:04","slug":"bitcoin-etf-blackrock-fidelity-final-s-1","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-etf-blackrock-fidelity-final-s-1\/","title":{"rendered":"Bitcoin Tops $45,000 As BlackRock, Fidelity, Others File Their Final S-1s"},"content":{"rendered":"<p>All applicants for a spot Bitcoin exchange-traded fund (ETF) have submitted their final Form S-1 amendments to the United States Securities and Exchange Commission (SEC). This marks a pivotal moment, especially as the <a href=\"https:\/\/bitcoinist.com\/bitcoin-etf-week-5-things-to-watch\/\" target=\"_blank\" rel=\"noopener nofollow\">deadline<\/a> for submission was set for 8:00 am EST today, January 8.<\/p>\n<p>Leading the pack, Valkyrie <a href=\"https:\/\/www.sec.gov\/cgi-bin\/browse-edgar?company=&amp;CIK=&amp;type=s-1&amp;owner=include&amp;count=40&amp;action=getcurrent\" target=\"_blank\" rel=\"noopener nofollow\">submitted<\/a> its final S-1 amendment well ahead of the speculated January 10 date, which many industry insiders believe could see the first approvals of spot Bitcoin ETFs in the US. Following suit, major players such as WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, 21Shares, Bitwise, Franklin Templeton and Grayscale also completed their submissions.<\/p>\n<p>However, Hashdex has not updated its S-1. The new filings are the penultimate step before the spot Bitcoin ETF approvals. The last one is the SEC voting on the 19b-4s filings in the coming days, specifically on Wednesday.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/revised-forecast-bloomberg-analyst-cuts-probability-of-bitcoin-spot-etf-rejection-to-5\/\" target=\"_blank\" rel=\"noopener \">Revised Forecast: Bloomberg Analyst Cuts Probability Of Bitcoin Spot ETF Rejection To 5%<\/a><\/div>\n<p>Scott Johnsson, finance lawyer at Davis Polk elaborated: \u201cBest guess on timing (not definitive): &#8211; Monday: \u201cFinal\u201d S-1\/3 filed &#8211; Wednesday: 19b-4 approval orders issued post-close &#8211; Thursday: Requests for acceleration from issuers &#8211; Friday: Notice of effectiveness filed from SEC &#8211; Tuesday: Trading starts\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Best guess on timing (not definitive):<br \/>&#8211; Monday: \u201cFinal\u201d S-1\/3 filed<br \/>&#8211; Wednesday: 19b-4 approval orders issued post-close<br \/>&#8211; Thursday: Requests for acceleration from issuers<br \/>&#8211; Friday: Notice of effectiveness filed from SEC<br \/>&#8211; Tuesday: Trading starts<\/p>\n<p>&mdash; Scott Johnsson (@SGJohnsson) <a href=\"https:\/\/twitter.com\/SGJohnsson\/status\/73847936?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 8, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Others expect that the spot Bitcoin ETFs could even start trading as early as Thursday or Friday.<\/p>\n<h2>Fee War For Spot Bitcoin ETFs Begins<\/h2>\n<p>The S-1 amendments are crucial as they disclose information about fees for the potential ETFs. In an interesting turn of events, several filers have significantly lowered fees for trading their potential spot Bitcoin ETF products. Initially, BlackRock was leading with the lowest fees. Katie Greifeld, anchor of The Close and ETF IQ on Bloomberg, <a href=\"https:\/\/twitter.com\/kgreifeld\" target=\"_blank\" rel=\"noopener nofollow\">highlighted<\/a>:<\/p>\n<blockquote><p><strong>BLACKROCK\u2019S FEE is finally listed. Final fee is 30bp, BUT 20 bps in the first 12 months or until the first $5 billion in assets. That\u2019s the new low-water mark.<\/strong><\/p><\/blockquote>\n<p>However, <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/ark-invest-pivots-to-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Cathie Wood&#8217;s<\/a> Ark Invest announced lower fees shortly after. The latest S-1 of Ark shows a drop from 0.80% to 0.25%, and a special offer of 0% fees during a six-month period from the day of listing, for the first $1 billion in transactions. Eric Balchunas, a Bloomberg analyst, <a href=\"https:\/\/twitter.com\/EricBalchunas\" target=\"_blank\" rel=\"noopener nofollow\">commented<\/a> on this competitive landscape:<\/p>\n<blockquote><p><strong>But wait, ARK just dropped their fee to 0.25% in an S-1 filed 20 minutes after BlackRock\u2019s. Told y\u2019all the fee war would break out bf they even launched. And this is w out Vanguard on the mix. Damn. [&#8230;] ARK going from 80 bps to 25 bps in one shot is breathtaking. The fee wars are intense but that\u2019s another level. Altho they kinda had to. BlackRock at 30 bps is potential instant destroyer of anyone much higher.#<\/strong><\/p><\/blockquote>\n<p>However, Ark was undercut at the last minute as well. Bitwise submitted a 0.24% fee. No fees are charged for the first six months or $1 billion AUM.<\/p>\n<p>Notably, <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-spot-etf-blackrock\/\" target=\"_blank\" rel=\"noopener \">VanEck<\/a> also disclosed a fee of only 0.25%, though without any special promotions for the launch, unlike BlackRock and Ark Invest. The leading quartet is followed by Franklin Templeton (0.29%), Fidelity Wise Origin Bitcoin Trust (0.39%), WisdomTree Bitcoin Trust (0.50%), Invesco Galaxy Bitcoin ETF (0.59%), <a href=\"https:\/\/www.wncen.com\/breaking-news-ticker\/breaking-valkyrie-secures-green-light-for-ethereum-futures-etf-trading-launching-tomorrow\/\" target=\"_blank\" rel=\"noopener \">Valkyrie<\/a> Bitcoin Fund (0.8%), Hashdex (0.90%) and <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/grayscale-bitcoin-etf-2-7-billion-exodus-jpmorgan\/\" target=\"_blank\" rel=\"noopener \">Grayscale<\/a> (1.5%).<\/p>\n<figure id=\"attachment_568609\" aria-describedby=\"caption-attachment-568609\" style=\"width: 729px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-568609 size-full\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/GDUwyk8XMAAxjio.png?resize=729%2C359\" alt=\"Bitcoin ETF fee war \" width=\"729\" height=\"359\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/GDUwyk8XMAAxjio.png?w=729 729w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/GDUwyk8XMAAxjio.png?w=460 460w\" sizes=\"(max-width: 729px) 100vw, 729px\"><figcaption id=\"caption-attachment-568609\" class=\"wp-caption-text\">Bitcoin ETF fee war | Source: X <a href=\"https:\/\/twitter.com\/btcNLNico\/status\/42695242\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">@btcNLNico<\/a><\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-spot-etf-blackrock\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Spot ETF: VanEck\u2019s Head Of Research Says BlackRock Has $2 Billion In Investments Lined Up<\/a><\/div>\n<p>Eric Balchunas elaborated that, historically, temporary fee waivers have not significantly impacted investor decisions, as advisors tend to focus on long-term fees. However, given the uniformity of services offered by these ETFs, he suggested that fee differences might play a more significant role this time. &#8220;Historically this hasn\u2019t moved the needle much [&#8230;] Advisors focused on regular fees since they are long term investors. That said, given all these ETFs all do the same thing, maybe it will matter all else equal, we\u2019ll see,&#8221; he remarked.<\/p>\n<p>Katie Greifeld commented, \u201cI spoke too soon re: low-water mark! Ark and 21 Shares are going 0.25% and NO FEE for the first six months or until $1 billion in assets. These are very, very low numbers. [&#8230;] VanEck also coming in hot with a 25 bp fee. For context, GLD \u2014 the largest physically backed commodity ETF \u2014 charges 40bp.\u201d<\/p>\n<p>Following the news, the Bitcoin price reacted with a 2% jump, rising as high as $45,300.<\/p>\n<figure id=\"attachment_568602\" aria-describedby=\"caption-attachment-568602\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-568602 size-full\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?resize=3628%2C1673\" alt=\"Bitcoin price\" width=\"3628\" height=\"1673\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=3628 3628w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=460 460w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=768 768w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=860 860w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=1536 1536w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=2048 2048w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=750 750w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=1140 1140w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-08_14-35-46.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-568602\" class=\"wp-caption-text\">BTC price rallies above $45,000, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/Xy7mlyyq\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>All applicants for a spot Bitcoin exchange-traded fund (ETF) have submitted their final Form S-1 amendments to the United States Securities and Exchange Commission (SEC). This marks a pivotal moment, especially as the deadline for submission was set for 8:00 am EST today, January 8. Leading the pack, Valkyrie submitted its final S-1 amendment well ahead of the speculated January 10 date, which many industry insiders believe could see the first approvals of spot Bitcoin ETFs in the US. Following suit, major players such as WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, 21Shares, Bitwise, Franklin Templeton and Grayscale also completed their submissions. However, Hashdex has not updated its S-1. The new filings are the penultimate step before the spot Bitcoin ETF approvals. The last one is the SEC voting on the 19b-4s filings in the coming days, specifically on Wednesday. Related Reading: Revised Forecast: Bloomberg Analyst Cuts Probability Of Bitcoin Spot ETF Rejection To 5% Scott Johnsson, finance lawyer at Davis Polk elaborated: \u201cBest guess on timing (not definitive): &#8211; Monday: \u201cFinal\u201d S-1\/3 filed &#8211; Wednesday: 19b-4 approval orders issued post-close &#8211; Thursday: Requests for acceleration from issuers &#8211; Friday: Notice of effectiveness filed from SEC &#8211; Tuesday: Trading starts\u201d Best guess on timing (not definitive):&#8211; Monday: \u201cFinal\u201d S-1\/3 filed&#8211; Wednesday: 19b-4 approval orders issued post-close&#8211; Thursday: Requests for acceleration from issuers&#8211; Friday: Notice of effectiveness filed from SEC&#8211; Tuesday: Trading starts &mdash; Scott Johnsson (@SGJohnsson) January 8, 2024 Others expect that the spot Bitcoin ETFs could even start trading as early as Thursday or Friday. Fee War For Spot Bitcoin ETFs Begins The S-1 amendments are crucial as they disclose information about fees for the potential ETFs. In an interesting turn of events, several filers have significantly lowered fees for trading their potential spot Bitcoin ETF products. Initially, BlackRock was leading with the lowest fees. Katie Greifeld, anchor of The Close and ETF IQ on Bloomberg, highlighted: BLACKROCK\u2019S FEE is finally listed. Final fee is 30bp, BUT 20 bps in the first 12 months or until the first $5 billion in assets. That\u2019s the new low-water mark. However, Cathie Wood&#8217;s Ark Invest announced lower fees shortly after. The latest S-1 of Ark shows a drop from 0.80% to 0.25%, and a special offer of 0% fees during a six-month period from the day of listing, for the first $1 billion in transactions. Eric Balchunas, a Bloomberg analyst, commented on this competitive landscape: But wait, ARK just dropped their fee to 0.25% in an S-1 filed 20 minutes after BlackRock\u2019s. Told y\u2019all the fee war would break out bf they even launched. And this is w out Vanguard on the mix. Damn. [&#8230;] ARK going from 80 bps to 25 bps in one shot is breathtaking. The fee wars are intense but that\u2019s another level. Altho they kinda had to. BlackRock at 30 bps is potential instant destroyer of anyone much higher.# However, Ark was undercut at the last minute as well. Bitwise submitted a 0.24% fee. No fees are charged for the first six months or $1 billion AUM. Notably, VanEck also disclosed a fee of only 0.25%, though without any special promotions for the launch, unlike BlackRock and Ark Invest. The leading quartet is followed by Franklin Templeton (0.29%), Fidelity Wise Origin Bitcoin Trust (0.39%), WisdomTree Bitcoin Trust (0.50%), Invesco Galaxy Bitcoin ETF (0.59%), Valkyrie Bitcoin Fund (0.8%), Hashdex (0.90%) and Grayscale (1.5%). Related Reading: Bitcoin Spot ETF: VanEck\u2019s Head Of Research Says BlackRock Has $2 Billion In Investments Lined Up Eric Balchunas elaborated that, historically, temporary fee waivers have not significantly impacted investor decisions, as advisors tend to focus on long-term fees. However, given the uniformity of services offered by these ETFs, he suggested that fee differences might play a more significant role this time. &#8220;Historically this hasn\u2019t moved the needle much [&#8230;] Advisors focused on regular fees since they are long term investors. That said, given all these ETFs all do the same thing, maybe it will matter all else equal, we\u2019ll see,&#8221; he remarked. Katie Greifeld commented, \u201cI spoke too soon re: low-water mark! Ark and 21 Shares are going 0.25% and NO FEE for the first six months or until $1 billion in assets. These are very, very low numbers. [&#8230;] VanEck also coming in hot with a 25 bp fee. For context, GLD \u2014 the largest physically backed commodity ETF \u2014 charges 40bp.\u201d Following the news, the Bitcoin price reacted with a 2% jump, rising as high as $45,300. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":567999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,679,1119,1122,1144,84647],"class_list":["post-568565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Bitcoin Tops $45,000 As BlackRock, Fidelity, Others File Final S-1s<\/title>\n<meta name=\"description\" content=\"All applicants for a spot Bitcoin exchange-traded fund (ETF) have submitted their final Form S-1 amendments to the US SEC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Simmons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"caption\":\"Jake Simmons\"},\"description\":\"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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