SEC Approves Bitcoin ETFs in Landmark Decision

A series of fund issuers including BlackRock, Fidelity, and Grayscale receive green light, sparking a fee war among potential issuers.

• The Securities and Exchange Commission (SEC) has officially approved a series of spot bitcoin ETFs, marking a significant milestone for the fund and crypto industries.
• BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Valkyrie, Invesco, WisdomTree, Franklin Templeton, Hashdex, Ark Invest and 21Shares have all had their proposals greenlit by the SEC.
• Grayscale has received necessary regulatory approvals to uplist its Bitcoin Trust (GBTC) to NYSE Arca.
• Prior to the approval, a fee war broke out between potential issuers, with Bitwise currently having the lowest intended fee at 0.24% for its proposed spot bitcoin ETF.
• Grayscale's proposed fee for its spot bitcoin ETF is 1.5%, which is significantly higher than its competitors.

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