Fee War Intensifies: Bitcoin ETF Issuers Submit Updates Lowering Rates
The spot Bitcoin exchange-traded fund (ETF) competition is heating up as major issuers including Fidelity submitted revisions to lower their fees.
According to Bloomberg Intelligence ETF analyst James Seyffart, Fidelity lowered their fees to 0.25% from the previous 0.39% and has offered a fee waiver to 0% through July 31.
Including Fidelity, 5 out of the 11 issuers have revised their fee structures or offered temporary waivers after they received feedback from the U.S. Securities and Exchange Commission on Jan. 8.
On a more serious note… here's all the firms doing the hard work behind the scenes. @Fidelity has lowered their fees all the way down to 25bps and is also offering a fee waiver to 0% through July 31, 2024 pic.twitter.com/Ao0WmICBFh
— James Seyffart (@JSeyff) January 9, 2024
With the previously lowest fee of 0.24% offered already, Bitwise reduced it to 0.20% with a waiver to 0% for 6 months or 1 billion; Wisdomtree lowered its fee of 0.50% to 0.30% also with a waiver to 0% for 6 months or 1 billion.
Invesco & Galaxy kept the waiver while reducing the 0.59% fee to 0.39%; Valkyrie made a significant adjustment to cut the fee from 0.80% to 0.49% with an additional waiver to 0% for 3 months.
As the entire crypto community nervously awaits the SEC’s final decision of the spot Bitcoin ETFs, the Commission disrupted the tension with its official social media account posting false announcement of the approval for listing and trading Bitcoin ETFs.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
“The SEC twitter account was compromised, and unauthorized tweet
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