Spot Bitcoin ETF Contenders Submit Final S-1 Applications to U.S SEC

• Invesco Galaxy waived its fee for the first six months and the first five billion dollars in assets.
• Spot Bitcoin ETF S-1 revisions are due on December 29, according to the SEC.

Final versions of the S-1 applications were submitted on December 29th by the contenders in the race for a spot Bitcoin ETF. Bitwise, Invesco Galaxy, WisdomTree, and Fidelity engaged with the U.S SEC, following BlackRock, Van Eck, and Valkyrie, as the day progressed.

Among the new filings, Fidelity, WisdomTree, and Invesco Galaxy all declared themselves to be authorized participants. Virtu and JPMorgan were chosen by Invesco Galaxy, and Jane Street Capital was selected by WisdomTree and Fidelity.

Despite pressure from the SEC to turn over to cash, WisdomTree has decided to maintain in-kind share creation and redemption.

Pricing War

Further, as pointed out by analyst Eric Balchunas, rivals have begun a pricing war, with Invesco Galaxy waiving its fee for the first six months and the first five billion dollars in assets. The fee that Fidelity imposed was 0.39%.

Although Bitwise has not yet announced authorized participants, it did reveal in its latest S-1 filing that an anonymous entity is considering buying as many as 200 million shares of the exchange-traded fund (ETF).

An S-1 application for a spot Bitcoin exchange-traded fund has been filed by BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs, and Pando Asset, among others.

Spot Bitcoin ETF S-1 revisions are due on December 29, according to the SEC. Also, the most recent filing by Grayscale was an amended S-3 on December 27th, after Barry Silbert’s departure from the board of directors.

Much like Van Eck and BlackRock did earlier that day and in earlier revisions, Grayscale announced in their new filing that they would transform their Grayscale Bitcoin Trust into a cash-only spot ETF.

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