

Cryptocurrency
Fees, seeds and APs: What we know — and don’t know — about the planned bitcoin ETFs – Crypto News
Fund issuers have been submitting amendments to their spot bitcoin ETF applications for weeks, revealing key details to the US Securities and Exchange Commission and the investing public.
The latest flurry of updates was on Dec. 29, and a Grayscale Investments amendment came through on Tuesday — just days ahead of a potential SEC decision.
More amendments are expected in the coming days, but here’s what the documents are telling us — and not telling us — so far.
Some authorized participants revealed
Asset management goliath BlackRock listed Jane Street and JPMorgan Securities as its authorized participants in a Dec. 29 filing. Fidelity tapped the same entities for that role.
Authorized participants, or APs, are entities permitted to create and redeem shares of an ETF. Fund shares can typically be exchanged for a basket of securities reflecting the holdings of the ETF, or for cash.
Agreements with APs is one of the final steps the SEC is looking for, Eric Balchunas previously told Blockworks. The SEC has declined to comment on this matter.
The regulator is expected to rule on a handful of spot bitcoin ETFs by Jan. 10 — the deadline by which its decision on a proposal by Ark Invest and 21Shares is due.
Read more: Industry watchers pin down possible bitcoin ETF approval dates
Others to reveal its authorized participants before the new year were Invesco, WisdomTree and Valkyrie.
Invesco intends to use JPMorgan Securities and Virtu Americas. WisdomTree and Valkyrie both plan to work with Jane Street, with Valkyrie also slated to enlist Cantor Fitzgerald.
Franklin Templeton did not name an authorized participant in a Dec. 29 filing, noting a list of such entities “can be obtained from the administrator or the sponsor.”
A spokesperson for the company did not immediately return a request for comment.
An application amendment from Grayscale Investments came through Tuesday, though did not name an authorized participant for its proposed bitcoin ETF. The company, however, had previously confirmed reports that it had lined up Jane Street and Virtu Financial as APs should its Bitcoin Trust (GBTC) be converted to an ETF.
Meanwhile, Bitwise and VanEck, as well as Ark Invest and 21Shares, did not name authorized participants in their latest amended filings last week. Global X, Pando Asset Management and Hashdex did not file such updates at that time.
Hashdex’s last amendment came on Dec. 22, when it named many “authorized purchasers” for the fund: JP Morgan Securities; Goldman Sachs, ABN AMRO Bank; BNP Paribas; BNY Mellon; Cantor Fitzgerald, Credit Suisse; Citadel Securities; Jefferies Group; Mirae Asset Financial Group; Royal Bank of Canada; UBS; Societe Generale; Wells Fargo; and Virtu Americas.
A Global X spokesperson declined to comment, and a representative for Pando Asset Management could not immediately be reached.
Where fund fees stand
Sponsor fees cover the expenses of running a fund and represent a portion of the expense ratio. It’s another closely watched line item as the SEC continues to mull the 14 proposals.
In a slew of filings last week, some of the potential ETFs unveiled their fees for the first time.
So far, Fidelity has the lowest at 39 basis points, though others are looking to stay competitive in other ways.
Invesco, which filed its bitcoin ETF proposal with Galaxy Digital, plans to charge a 0.59% fee. The company said it plans to waive the fee on the first $5 billion of trust assets in the first six months of trading.
Read more: As potential crypto ETF ‘fee war’ looms, what will spot bitcoin ETFs cost?
Ark, back in November, first disclosed a sponsor fee of 80 basis points. Valkyrie also plans to charge a 0.80% fee.
Proposals from Franklin Templeton, WisdomTree, BitWise, VanEck and BlackRock have yet to disclose fees in the most recent round of S-1 amendments.
Nate Geraci, president of The ETF Store, said BlackRock is the “big one” when it comes to fees. He previously said on X that he believes BlackRock could come in lower than Fidelity, and that it’s going to be hard for ETFs to stay competitive with fees above 80 bps.
Issuers that did not file amendments last week — including Hashdex, Global X and Pando Asset Management — did not disclose fees.
The Hashdex Bitcoin Futures ETF (DEFI) — a fund the firm is seeking approval to hold bitcoin directly — carries an expense ratio of 94 basis points.
Some firms update seed capital
Bitwise, on Dec. 29, disclosed that an unknown buyer plans to purchase up to $200 million shares to seed the fund.
Seed capital is used to fund the ETF’s creation units so its shares can be offered and traded.
The amount blows away BlackRock’s previous seeding announcement of $10 million, which led Bloomberg Intelligence analyst James Seyffart to believe that BlackRock could be expecting to launch “shortly after” a possible January decision. The firm had previously disclosed a $100,000 seed sale.
VanEck noted a smaller seed share purchase of $100,000 but also — in brackets — included a potential sale of $25 million.
Invesco’s filing shows a potential purchase of $5 million in shares “on or about” Jan. 2, though a $100,000 sale was made in December. WisdomTree disclosed a potential sale of $2.5 million in January. The sum includes a $50,000 sale made in December.
On Dec. 15, Franklin Templeton disclosed a $100,000 seed sale. Meanwhile, Ark’s most recent amendments to its S-1 unveiled a $100 seed purchase.
Grayscale, Fidelity and Valkyrie didn’t disclose seeding in their most recent S-1 amendments.
Don’t miss the next big story – join our free daily newsletter.
-
Blockchain5 days ago
Institutional Demand Surges As Ethereum Sets New Inflow Records – Crypto News
-
Blockchain5 days ago
DeFi Development Nears 1 Million Solana In Treasury – Crypto News
-
Business1 week ago
XLM Is More Bullish Than ETH, SOL, And XRP, Peter Brandt Declares – Crypto News
-
Cryptocurrency1 week ago
Anarchy, crime and stablecoins – Blockworks – Crypto News
-
Business1 week ago
XRP Lawsuit Update: Ripple Paid $125M in Cash, Settlement Hinges on Appeal – Crypto News
-
Cryptocurrency1 week ago
Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to ‘Base App’ – Crypto News
-
Technology1 week ago
“Decentralized Ponzi Scheme”- Gold Bug Peter Schiff Slams Landmark Crypto Bills – Crypto News
-
Cryptocurrency1 week ago
California Sheriffs Believe 74-Year-Old’s Disappearance Linked to Son’s Crypto Fortune – Crypto News
-
Cryptocurrency7 days ago
Altseason heats up, but Bitcoin could face short-term pullback – How? – Crypto News
-
others1 week ago
VanEck Details Key Drivers Boosting Bitcoin Price, Including Corporate Treasury Demand, ETF Flows and More – Crypto News
-
Metaverse1 week ago
Zoho Zia LLM launched with speech-to-text models and AI agent marketplace: All you need to know – Crypto News
-
De-fi1 week ago
BNB Chain Teases New Blockchain with Privacy Features to Compete With Crypto Exchanges – Crypto News
-
Technology1 week ago
Breaking: GENIUS Act Becomes First Major Crypto Legislation as Trump Signs Bill – Crypto News
-
De-fi1 week ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
Cryptocurrency7 days ago
Shytoshi Kusama Breaks Silence on New SHIB AI Whitepaper and Transformed Future – Crypto News
-
Cryptocurrency6 days ago
Sanctum acquires Ironforge, plots transaction infrastructure vertical – Crypto News
-
Cryptocurrency6 days ago
XRP Price Hits All-Time High at $3.66 — Can It Smash Through $4 After Trump Win & SEC Shake-Up? – Crypto News
-
Business1 week ago
CLARITY Bill Could Delay Over Last-Minute Push for Anti-CBDC Clause; Report – Crypto News
-
others1 week ago
GBP/USD rallies on US PPI dip and Trump’s potential Powell removal – Crypto News
-
others1 week ago
GBP/USD rallies on US PPI dip and Trump’s potential Powell removal – Crypto News
-
Cryptocurrency1 week ago
Russia’s $85 Billion Sberbank to Launch Crypto Custody Services – Crypto News
-
Technology1 week ago
Europe’s answer to ChatGPT? Mistral adds voice and research features to Le Chat AI – Crypto News
-
De-fi1 week ago
U.S. House Passes Clarity, GENIUS, and Anti-CBDC Acts With Historic Bipartisan Support for Crypto – Crypto News
-
Technology1 week ago
Malicious code found in fake coding extensions used to steal crypto – Crypto News
-
Cryptocurrency1 week ago
XRP Price Spikes to Record Highs As Momentum Signals Extended Gains – Crypto News
-
Technology1 week ago
Meta’s AI Studio: Red flag or red herring? – Crypto News
-
Blockchain1 week ago
Why Bitcoin self-custody is declining in the ETF era – Crypto News
-
Cryptocurrency1 week ago
US House passes three key crypto bills; market reaction muted as Bitcoin dips – Crypto News
-
De-fi1 week ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
Cryptocurrency7 days ago
Arthur Hayes-linked wallet bags $2M worth of AAVE and LDO in an OTC deal – Crypto News
-
others6 days ago
Why Is The Crypto Market Rising Today? – Crypto News
-
Business6 days ago
Vitalik Buterin Approves Gas Limit Hike, Warns Against Risky Ethereum Scaling – Crypto News
-
Blockchain5 days ago
How to Use Google Gemini to Turn Crypto News Into Trade Signals – Crypto News
-
others5 days ago
Breaking: Polymarket Reenters US Market With Exchange Acquisition As Probe Ends – Crypto News
-
Cryptocurrency5 days ago
Solana Clinches 5-Month High, Where to From Here? – Crypto News
-
Blockchain5 days ago
Strategy to keep STRC Fund Pegged to $100 – Crypto News
-
Blockchain5 days ago
XRP Could Skyrocket 500% Against Bitcoin, Analyst Warns – Crypto News
-
Blockchain1 week ago
TON’s Next Stop Could Be $3.50, Here’s Why – Crypto News
-
De-fi1 week ago
U.S. Marshals Peg Federal Bitcoin Holdings at 28,988 Tokens Worth $3.4 B – Crypto News
-
Blockchain1 week ago
Nasdaq Exchange Files SEC Form to List Staking Ethereum ETF – Crypto News
-
Cryptocurrency1 week ago
Ethereum price surges 6% to $2,800 as shorts suffer amid $500M crypto liquidation – Crypto News
-
Cryptocurrency1 week ago
Friday charts: Fiscal dominance and super intelligence – Crypto News
-
De-fi1 week ago
Trump’s Crypto Assets Now Comprise a Key Part of Family Fortune Worth Billions – Crypto News
-
Business7 days ago
Pi Coin Price Technical Analysis Confirms Buy Signal Despite 2M Exchange Inflows – Crypto News
-
Technology7 days ago
Not Google or Bing! This search engine lets you block AI images in search results – Crypto News
-
Cryptocurrency7 days ago
GENIUS Act Is The Catalyst For XRP And RLUSD’s Dominance, Expert Declares – Crypto News
-
De-fi6 days ago
Nasdaq Files to Add Staking to BlackRock’s ETH ETF – Crypto News
-
Cryptocurrency5 days ago
Ethereum Shatters Inflow Records, Pulls in $2.12 Billion in a Week – Crypto News
-
Technology5 days ago
Grab up to 43% off on best selling premium laptops from Apple, Asus and more – Crypto News
-
Blockchain4 days ago
Crypto Needs Minimum Viable Decentralization – Crypto News