December 30, 2023

Bitcoin ETF Race Heats Up as 9 Issuers Make Last-Minute Updates Ahead of SEC Deadline

In a last-minute push for the first bitcoin ETF approval, nine major issuers have rushed to meet the SEC's deadline for approvals. The race is on, and the crypto community awaits the SEC's decision with heightened anticipation.

In a whirlwind of activity on the Securities and Exchange Commission's (SEC) deadline day for the first wave of bitcoin ETF approvals, nine major issuers have submitted updates to their applications, intensifying the race to launch the first bitcoin Exchange-Traded Fund (ETF).

The participating issuers include:

  1. BlackRock
  2. Fidelity
  3. Franklin Templeton
  4. WisdomTree
  5. ARK 21Shares
  6. Invesco/Galaxy
  7. Valkyrie
  8. VanEck
  9. Bitwise

Now, let's delve into the updates from issuers with additional noteworthy information.

BlackRock

BlackRock's updated S-1 includes a crucial detail – the identification of Jane Street and JPMorgan as Authorized Participants (APs), positioning BlackRock as a leading contender in the bitcoin ETF race.

Fidelity

Fidelity's S-1 stands out with a remarkably low management fee of 0.39%, the lowest among the competitors. The document also reveals Jane Street as Fidelity's chosen Authorized Participant, underlining Fidelity's strong position in the bitcoin ETF competition.

Invesco/Galaxy

Invesco/Galaxy has taken a notable step by waiving fees for the first six months and for the initial $5 billion in assets. The APs named in their submission are Virtu and JPMorgan, injecting additional competition into the race.

Valkyrie

Valkyrie's updated S-1 introduces two APs – Jane and Cantor, officially marking their entry into the competitive field.

Bitwise

Bitwise's S-1 filing reveals a significant development – an individual or entity is set to seed $BITB with an impressive $200 million, surpassing BlackRock's $10 million commitment. The Authorized Participant for Bitwise is yet to be disclosed, adding an element of anticipation to their entry into the race.


As the clock ticks down to the SEC's decision, these developments mark a historic moment in the cryptocurrency world. The convergence of major financial players in the race for the first bitcoin ETF has the industry buzzing with anticipation. Investors are closely monitoring these developments, awaiting the potential mainstream adoption of bitcoin through the ETF vehicle. The race is on, and the next chapter in the cryptocurrency saga is about to unfold.

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