Companies disclose expected fees for spot bitcoin ETFs ahead of SEC decision

Jan 8 (Reuters) - A raft of investment managers disclosed the fees they plan to charge for their proposed spot bitcoin exchange-traded funds (ETF), in another step toward approval this week by the U.S. securities regulator.

BlackRock (BLK.N), VanEck, Ark Investments/21Shares and Bitwise, among others, said in filings with the Securities and Exchange Commission (SEC) that they expect to significantly undercut the average market rate for U.S. ETFs.

Their rates were well below the average rate that analysts had anticipated and that even some issuers had indicated would be the range.

A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency. Euphoria around an approval has helped bitcoin, the world's largest and best-known digital asset, rally in recent months.

The SEC, which has previously denied all spot bitcoin ETF applications citing potential for fraud, is expected to announce its decision as early as this week.

Fees on current product; Co has filed to convert bitcoin futures ETF into a spot bitcoin ETF
Source: Regulatory filings with the U.S. SEC

Reporting by Manya Saini in Bengaluru, Suzanne McGee in New York and Hannah Lang in Washington; Editing by Shounak Dasgupta

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Companies disclose expected fees for spot bitcoin ETFs ahead of SEC decision

By Reuters

Reuters

Reuters

Gold may consolidate after surge to $3,000, but prices will likely rise higher – Saxo Bank

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Gold’s safe-haven bid strengthens amid recession fears, global silver coin sales collapse – Heraeus

Gold has room to run but could pull back if a recession hits - Capitallight’s Schieven

'Unseen' forces moving a lot of gold back to the U.S.? What's really happening – Josh Phair