The latest news is that thirteen asset managers involved in the race for the Bitcoin Spot ETF have been particularly active in recent days. They would rush to provide updated files of their filings to the Securities and Exchange Commission (SEC). This just before the deadline of December 29 set by the financial regulator.
Asset managers, designed for Bitcoin Spot ETF
Asset managers seem determined to tap into the potential of the fast-growing crypto market. According to recent information, thirteen financial giants including Invesco Galaxy, Bitwise, WisdomTree and Fidelity have updated their Bitcoin Spot ETF application.
These prominent financial players have updated their S-1 filings with the SEC to launch bitcoin exchange-traded funds (ETFs). This surge in activity comes just ahead of the SEC deadline, pointing to an intensifying race for bitcoin ETFs.
Above all, it is a sign of wider acceptance of cryptocurrencies as legitimate and relevant investment options. A last-minute scramble that primarily highlights the various strategies used by ETF candidates to get the green light from the SEC.
For example, Fidelity, WisdomTree and Invesco Galaxy have publicly mentioned the authorized partners they work with on their Bitcoin Spot ETF applications. These asset managers have joined forces with Virtu, JPMorgan and Jane Street Capital.
While reinforcing the relevance of your requirements
This strategy seems to be used on purpose. Essentially, it serves to enhance the credibility and reliability of their claims through association with financial entities that are already well established in the financial ecosystem.
It should be noted that Bitwise has not yet disclosed the names of the authorized participants it has partnered with. But he did mention significant institutional interest when he revealed an unnamed entity’s intention to offer $200 million in shares of the proposed ETF.
In addition, a price war appears to be looming as an important factor in the proceedings surrounding the Bitcoin Spot ETF. The various companies competing to offer bitcoin spot ETFs are actually trying to attract investors by adjusting the fees they charge.
In this area, Invesco Galaxy adopts an aggressive strategy. In particular, the company offers a complete exemption from fees. This is during the first half of the year, until assets under management reach the $5 billion mark. Either way, stakeholders expect the approval of the Bitcoin Spot ETF to be a game changer for the financial and crypto market.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.