(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)
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