2023-12-30 12:02 |
In a flurry of last-minute filings, contenders for a spot Bitcoin exchange-traded fund (ETF) intensified their race toward approval. On December 29, seven out of thirteen applicants submitted revised S-1 forms to the U.S. Securities and Exchange Commission (SEC), signalling heightened competition.
The US SEC set December 29 as the deadline for spot Bitcoin ETF S-1 amendments and 13 applicants managed to submit their amendments by the deadline. These include BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs and Pando Asset.
Join us as we delve into the developments involving Invesco Galaxy, Bitwise, WisdomTree, and Fidelity, which submitted their S-1S on the deadline.
Participants disclosed in the amended Bitcoin ETF fillingsInvesco Galaxy, WisdomTree, and Fidelity, amongst the frontrunners in the BTC ETF race, strategically disclosed their authorized participants in the amended S-1 filings.
Invesco Galaxy opted for Virtu and JPMorgan, while WisdomTree and Fidelity entrusted Jane Street Capital. Notably, WisdomTree’s amended application shows that the company stood firm on maintaining in-kind share creation and redemption despite the SEC’s preference for cash, setting the stage for potential regulatory discussions.
As the firms anticipate the January 10 SEC approval, a subtle but notable price war has emerged among the contenders, with Invesco Galaxy taking an aggressive stance. The firm decided to waive its fees for the initial six months and the first $5 billion in assets, possibly aiming to attract early investors. On the other hand, Fidelity positioned itself with a fee structure of 0.39%. These fee strategies reflect a keen awareness of the competitive landscape and a proactive approach to secure investor interest.
Bitwise’s position and industry intricaciesBitwise, while yet to name its authorized participants, hinted at an unnamed entity expressing interest in purchasing up to $200 million in shares of Bitwise’s ETF in its new S-1. This is after it withdrew its earlier Ethereum and Bitcoin ETF applications in September in a surprise move.
Bitwise S-1 has been filed and it looks like someone (I wonder who) is going to seed $BITB with $200m, which blows away BlackRock's $10m (that we know of). That's gonna be huge help in early days of race. No AP named but prob forthcoming. pic.twitter.com/hQ7uW9Occo
— Eric Balchunas (@EricBalchunas) December 29, 2023This strategic move adds intrigue to the competition, underscoring the financial backing and market interest that the ETF contenders are generating.
Barry Silbert’s resignation from GrayscaleGrayscale, which has been making waves with its ETFs push submitted its last revised S-3 on December 27 after the resignation of Barry Silbert from the board of directors. In the new filing, Grayscale stated that it would convert its Grayscale Bitcoin Trust into a cash-only spot ETF, as Van Eck did earlier the same day and BlackRock did in an earlier revision.
In the backdrop of the ETF frenzy, regulatory scrutiny looms. Notably, Barry Silbert’s resignation from the board of Grayscale, amid an SEC investigation involving the Digital Currency Group, introduces a regulatory dimension to the race.
As the SEC reviews the amended S-1s submitted on the deadline day, the industry braces for potential shifts in the regulatory landscape that could shape the fate of these BTC ETF applications.
The post Invesco Galaxy, Bitwise, WisdomTree, and Fidelity rush to beat ETF S-1 revision deadline appeared first on Invezz
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