Yesterday was the last day for ETF issuers to submit amendments for Bitcoin spot ETFs to the SEC. Except for Hashdex, all asset management companies have submitted their documents on time, including details on fees and seed funding. According to James Seyffort, an ETF analyst at Bloomberg, the SEC has already made supplemental comments on the just-submitted S-1 documents, so he expects to see more amendments tomorrow. However, he does not believe this is a signal of delay.
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All issuers except Hashdex have submitted the latest documents
The ETF fee war has begun
SEC has made supplemental comments, more amendments expected tomorrow
All asset management companies have submitted the latest documents except for Hashdex. Fox Business reporter Eleanor Terrett and Bloomberg ETF analyst James Seyffort both believe that Hashdex’s submission may have a slightly different timeline due to its application to convert its existing Bitcoin futures ETF (DEFI). However, this does not necessarily mean that Hashdex will not be approved if other companies are granted approval.
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Hashdex’s mixed Bitcoin ETF combines spot and futures trading to address manipulation concerns
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Previously, Bloomberg ETF analyst Eric Balchunas pointed out:
This will be a fee war that will never end, as it is the normal life of ETFs.
The latest fees proposed by asset management companies yesterday are as follows, with the exception of Grayscale’s high 1.5% fee (compared to its current GBTC fee of 2%), other companies have announced extremely low fees, and Ark, Bitwise, and Invesco even offered initial free promotions.
Source: Bloomberg
However, according to James Seyffort, the SEC has made supplemental comments on the just-submitted S-1 documents, so he expects to see more amendments tomorrow. But he does not believe this is a signal of delay. He stated:
I have never seen comments published on the same day the documents were received. If the SEC wanted to employ delay tactics, they would not have reacted so quickly.
Eric Balchunas
James Seyffort
Bitcoin spot ETF
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