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BTC ETF Issuers Lower Fees as Competition Heats Up

Management Fees Reduced Substantially

Several major bitcoin exchange-traded fund (ETF) issuers are intensifying competition by lowering their management fees and, in some cases, offering temporary fee waivers [1]. Fidelity, one of the largest issuers, reduced its proposed fee from 0.39% to just 0.25% and is providing a full 0% fee waiver through July 31, 2024 [2].

Other Issuers Also Cut Fees

Bitwise also lowered its proposed ETF fee from 0.24% to 0.20% and is offering a 0% fee waiver for either 6 months or until assets under management reach $1 billion [3]. Wisdomtree cut its management fee from 0.50% to 0.30% with a similar waiver. Invesco and Galaxy decreased their fee from 0.59% to 0.39% while maintaining their waiver. Valkyrie went even further, slashing its proposed fee from 0.80% to just 0.49%, with an additional 0% waiver for the first 3 months.

False Approval Notice Posted from Compromised SEC Account

The U.S. Securities and Exchange Commission’s (SEC) official Twitter account @SECGov was compromised and a false notice approving a bitcoin ETF was posted [4]. However, SEC Chair Gary Gensler confirmed that the SEC has not actually approved any spot bitcoin ETFs [5].

Account Compromise from Phone Number Issue

The safety team at Twitter confirmed that the SEC account compromise stemmed from unauthorized access to the phone number associated with the @SECGov account, not a system breach at Twitter [6]. The SEC account did not have two-factor authentication enabled.

Price Swings After False Notice

Following the false approval notice, bitcoin’s price briefly surged to $48,000 but fell below $46,000 after SEC clarification. As of writing, bitcoin is trading at $45,953, down 1.8% over the last 24 hours [7].

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