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Exciting news in the world of Bitcoin ETFs as BlackRock, the renowned asset manager, has made significant progress in its spot Bitcoin ETF offering. Joining forces with industry giants such as Citi, Citadel, Goldman Sachs, and UBS as Authorized Participants (APs), BlackRock is solidifying its position in the rapidly growing cryptocurrency market.
Just recently, BlackRock disclosed this milestone through an amendment attached to the ETF’s Form S-1 submitted to the Securities and Exchange Commission (SEC) on April 5. This development underscores the firm’s commitment to bringing a Bitcoin ETF to market.
But that’s not all. BlackRock is not alone in this endeavor. Other major players in the financial industry, including Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie, have also taken significant steps in their Bitcoin ETF applications. The submission of amended S-1 forms by these firms to the SEC signals the final phase in the approval process.
What’s particularly fascinating is that these amended forms reveal more than just sponsor fees. They provide valuable insights into the financial structures supporting these potential spot Bitcoin ETFs. For example, BlackRock has set its sponsor fee at 0.3%, with a reduced rate of 0.2% for the first year or until the ETF reaches $5 billion in assets. VanEck has opted for a low permanent fee of 0.25%, while WisdomTree has chosen a slightly higher fee of 0.5%.
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