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ETF filings are being submitted like crazy, fee war is escalating, more revisions expected

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ETF filings are being submitted like crazy, fee war is escalating, more revisions expected

Yesterday was the last day for cryptocurrency ETF issuers to submit modification documents for Bitcoin spot ETFs to the SEC. Except for Hashdex, all asset management companies have submitted on time, including details on fees and seed funding. According to a tweet from Bloomberg ETF analyst James Seyffert, the SEC has issued supplemental comments on the just-submitted S-1 documents, so he expects to see more modification documents tomorrow, but he does not see this as a signal of delay.

Aside from Hashdex, all other issuers have submitted the latest documents

Except for Hashdex, all asset management companies have submitted the latest documents.

Fox Business reporter Eleanor Terrett and Bloomberg ETF analyst James Seyffort believe that because Hashdex is transitioning its original Bitcoin futures ETF DEFI, the timing of its submission may be slightly different, but this does not necessarily mean that Hashdex will not be approved if other companies are approved.

Hashdex's spot-mixed Bitcoin ETF uses CME OTC trading to address manipulation concerns

The ETF Fee War Has Begun

As previously pointed out by Bloomberg ETF analyst Eric Balchunas:

This will be a fee war, and it will never end because that's the normal life of an ETF.

The latest fees proposed by various asset management companies yesterday are as shown in the table below. Except for Grayscale's high 1.5% fee, its current GBTC is at 2%, the other companies have announced extremely low fees. Ark, Bitwise, and Invesco JPMorgan even offer initial promotional fee waivers.

Source: Bloomberg

SEC Has Issued Supplemental Comments, More Amended Documents Expected Tomorrow

However, according to Bloomberg ETF analyst James Seyffort's tweet, the SEC has issued supplemental comments on the just-submitted S-1 documents, so he expects to see more amended documents tomorrow, but he does not see this as a signal of delay. He noted:

I have never seen comments published on the same day of receiving the documents. If the SEC wanted to play delay tactics, they wouldn't react so quickly.