Stay updated with the evolving landscape of physical Bitcoin ETFs.
Read about the 10 firms that have submitted their final Form S-1 amendments to the SEC, detailing competitive trading fees and the potential for approval of physical Bitcoin ETFs as early as January 2024.
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SEC Receives Final Amendment of Form S-1 from 10 Firms Applying for Physical Bitcoin ETFs
The final amendment of the Form S-1, a securities registration statement, was submitted to the U.S. Securities and Exchange Commission (SEC) by 10 companies applying for a physical Bitcoin ETF.
This submission included details on trading fees and information related to market makers.
For offering a physical Bitcoin ETF in the United States, multiple procedures are necessary.
On the 3rd and 4th of this month, it was reported that several companies had submitted the "Form 8-A" document, but this time, the final amendment of "Form S-1" has been submitted (in the case of ETF conversion, Form S-3).
The companies reported to have submitted the final amendment of "Form S-1" are as follows:
- Grayscale
- 21Shares & ARK
- BlackRock
- Bitwise
- VanEck
- Wisdomtree
- Invesco & Galaxy
- Fidelity
- Valkyrie
- Franklin
Regarding Hashdex not amending its Form S-1, it's reported that "Hashdex's application for a physical Bitcoin ETF might differ slightly in timing, as it is the only one attempting to convert a futures ETF to a physical ETF."
Intensifying Competition in Trading Fees Among Physical ETF Applicants
The release of details on physical Bitcoin ETFs has intensified the competition over trading fees among applying companies.
Some companies have adopted a system of waiving or discounting trading fees for the first 6 to 12 months or up to a certain amount. Even for firms not applying discounts, the fees are significantly reduced, with the lowest being 0.24% (Bitwise).
The names, issuers, tickers, trading fees, fee discounts, and exchanges of the various reported physical Bitcoin ETFs are as follows:
| ETF Name | Issuing entity | Ticker | Commission | Discount on transaction fees | Exchange |
|---|---|---|---|---|---|
| Grayscale Bitcoin Trust | Grayscale | GBTC | 1.5％ | - | NYSE |
| ARK 21Shares Bitcoin ETF | 21Shares & ARK | ARKB | 0.25％ | 0.00% for the first 6 months or up to $1 billion | CBOE |
| iShares Bitcoin Trust | BlackRock | IBIT | 0.30％ | 0.20% for the first 12 months or up to $5 billion | Nasdaq |
| Bitwise Bitcoin ETP Trust | Bitwise | BITB | 0.24％ | 0.00% for the first 6 months & up to $1 billion | NYSE |
| VanEck Bitcoin Trust | VanEck | HODL | 0.25％ | - | СВОЕ |
| Wisdomtree Bitcoin Trust | Wisdomtree | BTCW | 0.50％ | - | СВОЕ |
| Invesco Galaxy Bitcoin ETF | Invesco & Galaxy | BTCO | 0.59％ | 0.00% for the first 6 months & up to $5 billion | CBOE |
| Fidelity Wise Origin Bitcoin Trust | Fidelity | FBTC | 0.39％ | - | CBOE |
| Valkyrie Bitcoin Fund | Valkyrie | BRRR | 0.80％ | - | Nasdaq |
| Hashdex Bitcoin ETF Strategy Change | Hashdex | DEFI | 0.90％ | - | NYSE |
| Franklin Bitcoin ETF | Franklin | EZBC | 0.29％ | - | CBOE |
It is also reported that these trading fees are not final and may decrease further in the future.
There is various speculation about the approval timing of the physical Bitcoin ETF, but it's anticipated that "the physical ETF could be approved as early as January 10, 2024."
>> For the latest articles related to ETFs, click here.
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