Spot bitcoin ETF issuers compete on fees for market share
Reuters
Published Jan 12, 2024 02:45PM ET
Updated Jan 12, 2024 03:25PM ET
(Reuters) -A raft of investment managers launched the first U.S. spot bitcoin exchange-traded funds (ETF) Jan. 11, in a milestone for the cryptocurrency industry that kicked off a fierce competition for market share.
The U.S. Securities and Exchange Commission approved 11 applications for spot bitcoin ETFs from BlackRock (NYSE:BLK) , VanEck, Ark Investments/21Shares and Bitwise, among others, on Jan. 10 after a decade-long tussle with the digital asset industry.
Most of the ETFs significantly undercut the average market rate for U.S. ETFs, which is 0.54%, according to Morningstar, and several issuers have already slashed fees multiple times. Many are also offering to completely waive fees for a certain period of time, or until their product breaches a certain value of assets under management.
Here's where the fees stand for each of the spot bitcoin ETFs that are currently trading:
Company ETF Fee after Notes
Fee waiver
disclosed
Franklin Co says it
Templeton Franklin 0.19% 0% will waive
Templeton fees on
Digital first $10
Holdings bln in
Trust .K> Bitwise Asset 0.20% Management Bitwise 0% Co says it Bitcoin will waive ETF fees on the first $1 bln (K:BITB) in assets
0.21%
Ark ARK 0% Will waive
Investments 21Shares all fees for
and 21Shares Bitcoin six months
ETF or first $1
bln in
(K:ARKB) assets
BlackRock iShares 0.25% 0.12% Co says fees
Bitcoin will be
Trust 0.12% for
the first $5
(O:IBIT) bln in
assets for
12 months
0.25%
VanEck VanEck N/A
Bitcoin
Trust
(K:HODL)
Co will
Valkyrie Valkyrie 0.25% 0% waive fee
Digital Bitcoin for 3 months
Assets Fund
(O:BRRR)
0%
Fidelity Wise 0.25% Co will
Origin waive fee
Bitcoin until July
Trust 31, 2024
(K:FBTC)
WisdomTree Co will wave
WisdomTre 0.30% 0% fee for six
e Bitcoin months on
Trust first $1 bln
in assets
(K:BTCW)
Invesco and 0.39%
Galaxy Invesco 0% Will waive
Digital Galaxy on first $5
Bitcoin bln in
ETF assets for
six months
(K:BTCO)
Grayscale 1.5% N/A Converted
Investments Grayscale from trust
Bitcoin to ETF; fee
Trust for trust
was 2%
Get The News You Want
(K:GBTC)
Source: Regulatory filings with the U.S. SEC
Written By: Reuters
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