Wall Street Giants Finalize Bitcoin ETF Paperwork Amid SEC Anticipation: Report

According to reports, major Wall Street players, including BlackRock, Fidelity, and Invesco, along with crypto-focused firms Valkyrie and Bitwise, have completed paperwork for their bitcoin exchange-traded funds (ETFs).

The move comes ahead of anticipated approval from the U.S. Securities and Exchange Commission (SEC), potentially in early 2024, ending years of regulatory uncertainty.

The filings include crucial details such as partnerships with key trading firms and the proposed fees for the ETFs, positioning the firms to swiftly enter the market if the SEC gives the green light.

Analysts expect the SEC to approve multiple issuers simultaneously to avoid favoritism, prompting the filing rush among eager contenders. BlackRock initiated the filing frenzy, disclosing JPMorgan and Jane Street as its authorized participants.

The battle for investor preference may hinge on fees, with Invesco and Galaxy Digital waiving fees for the first six months and $5 billion invested, challenging Fidelity’s 39 basis points charge. Size also plays a role, with Bitwise securing $200 million in seed capital, surpassing BlackRock’s $10 million readiness. Investors may lean towards the fund’s popularity and initial capitalization.