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Bitcoin ETF Race Heats Up as SEC Decision Looms

Key applicants submit final amendments

Multiple applicants, including Bitwise, Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, and 21Shares, submitted their final Form S-1 amendments to the US SEC. The submissions come ahead of the expected approval date for the first spot Bitcoin ETFs in the US on January 10. The final S-1 amendments contain important details such as fees and potential market makers’ identities.

SEC anticipated to approve Bitcoin ETF this week

The US SEC is anticipated to approve a spot Bitcoin ETF this week. BlackRock has set a 0.30% fee for its planned spot Bitcoin ETF, the lowest among the applicants. Valkyrie Investments and Fidelity are charging higher fees, with 0.80% and 0.39%, respectively. BitwiseInvest has entered the fee competition with a charge of 0.24%, waiving the fee for 6 months and the first $1 billion in assets.

Competitive landscape

The race for a Bitcoin ETF includes over a dozen participants, from crypto companies to traditional financial firms. The competition and fee war have not significantly dampened the focus of long-term investors on regular fees, according to Bloomberg ETF analyst Eric Balchunas.

Bitcoin price update

Bitcoin’s price at the time of the article was just above $44,800, marking a nearly 2% increase in the last hour and 5% over the past week.

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