Fidelity joins race to file updated spot bitcoin ETF forms with SEC, sets fund’s sponsor fee
Asset management giant Fidelity joined other firms including BlackRock and VanEck on Friday in filing amended forms for proposed spot Bitcoin ETFs with the Securities and Exchange Commission ahead of an early January deadline for potential approval. The documents showed what competition for the lowest fare could look like if the regulator eventually gave the green light.
Fidelity named Jane Street Capital and JP Morgan Securities as authorized participants in its latest update. He also stated that the sponsorship fee of the proposed fund would be only 0.39%.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in a post on X that Fidelity’s fee is the lowest ever. ““Fidelity is officially ready to party,” he wrote.
While many firms have not yet announced what they plan to charge, Invesco said in an update on Friday that the proposed fund’s sponsorship fee will be 0.59%. It also plans to waive it for the first six months.
“We have to believe BlackRock is underperforming Fidelity,” he said Nate Geraci, President of ETF Store, a consulting firm. “I wonder if these fees will outpace competitors before launch. It will be difficult to compete with 80 basis points.”
Changed log files
Other asset managers also spent the last business day of the year updating their applications; The SEC received new filings from Valkyrie, Bitwise, WisdomTree, and Franklin Templeton.
So BlackRock named On Friday, Jane Street Capital and JP Morgan Securities became authorized participants, while Valkyrie selected Jane Street Capital and Cantor Fitzgerald. Authorized participants are registered broker-dealers used in the origination and acquisition processes, which has emerged as a key point of interest in ongoing discussions with the SEC.
The crypto industry has been vying for years for a spot Bitcoin ETF, which the SEC has yet to approve.
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