Experts say Cathie Wood’s company is the first issuer to publicly disclose basis point (bp) fees for its Bitcoin ETF, indicating constructive talks with the US Securities and Exchange Commission (SEC) .
ARK Invest and 21Shares filed an update to their joint S-1 filing with the SEC for a Bitcoin (BTC) spot ETF amid industry-wide anticipation that America’s top securities watchdog would approve such products in the coming weeks or months.
The modified ARK 21Shares Bitcoin ETF under the symbol ARKB had the fund’s bp fee set at 80 bp, making it the first issuer to do so, according to Bloomberg’s Eric Balchunas. “Honestly, a little higher than he expected,” the ETF expert said James Seyffart in
Other issues like WisdomTree also filed amendments to their offerings, while the SEC delayed its decision on a handful of applications, including Franklin Templeton and Hashdex.
ETF experts predict a 90% chance the SEC will approve spot Bitcoin ETFs by January 2024, despite the commission’s history of rejections for cryptocurrency-related ETFs tied to spot prices.
However, the SEC approved several futures ETFs tied to the same underlying assets, sparking a long-running debate among cryptocurrency advocates over the regulator’s review process.
Issuers like BlackRock have moved to defy the odds, filing for Bitcoin and Ethereum spot ETFs as the SEC involved the companies in their respective filings following a court defeat against Grayscale.
