According to Cointelegraph: Seven hopefuls vying to establish a Bitcoin spot exchange-traded fund (ETF) filed their final revised Form S-1 applications with the U.S. Securities and Exchange Commission (SEC) on December 29, the deadline for revisions set by the SEC. Leading investment firms Invesco Galaxy, Bitwise, WisdomTree, and Fidelity joined the race alongside existing applicants BlackRock, Van Eck, and Valkryie.
In their updated filings, Fidelity, WisdomTree, and Invesco Galaxy listed their authorized participants; Invesco Galaxy selected Virtu and JPMorgan, while WisdomTree and Fidelity chose Jane Street Capital. Despite the SEC's suggestion for a switch to cash, WisdomTree has chosen to retain in-kind share creation and redemption.
Competing firms have begun slashing fees, with Invesco Galaxy waiving its fee for the first six months and the first $5 billion in assets. Meanwhile, Fidelity set its at a competitive 0.39%.
Bitwise has yet to announce its authorized participants but disclosed that an unidentified entity has shown interest in purchasing up to $200 million in ETF shares.
The firms BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkryie, Franklin, Hashdex, Global X ETFs, and Pando Asset have all submitted S-1 applications for spot Bitcoin ETFs.
Grayscale's final submission, a new S-3, came after the resignation of board member Barry Silbert and outlined plans to convert its Grayscale Bitcoin Trust into a cash-only spot ETF. Barry Silbert and his company, the Digital Currency Group, are currently under SEC investigation.
