Fidelity Investments has made a notable adjustment by lowering the proposed fee for its Spot Bitcoin ETF to 0.25%. Additionally, Fidelity intends to implement a fee waiver until July 31, as outlined in its recent filing.
This move aligns with the ongoing trend of firms engaging in a competitive race to offer more attractive fee structures in the evolving landscape of cryptocurrency exchange-traded funds (ETFs).
Fidelity Plans Fee Reduction for Spot Bitcoin ETF
In a bid to gain a competitive edge in the race for the first spot Bitcoin exchange-traded fund (ETF), Fidelity Investments is lowering the proposed fee for its ETF to 0.25%. The revised fee, disclosed in a filing on Tuesday, marks a reduction from the initial 0.39% set on December 29. Additionally, Fidelity plans to offer a fee waiver to market participants until July 31, signaling a strategic move to attract attention in the burgeoning ETF space.
This fee adjustment aligns with a broader trend among U.S. contenders, including Bitwise, WisdomTree, Invesco, and Valkyrie, as they vie for favorable market positions by strategically reducing fees ahead of potential approval from the Securities and Exchange Commission (SEC). The SEC’s decision, expected on Wednesday, has prompted anticipation in the market, with companies like Fidelity positioning themselves for success in the emerging spot Bitcoin ETF landscape.
SEC X Account Hacked, Fake ETF Approval Tweet Triggers Bitcoin Price Drop
In a surprising turn of events, the U.S. Securities and Exchange Commission (SEC) revealed today that its X account had been hacked. The compromised account issued a false tweet claiming the approval of spot Bitcoin ETF applications, causing a sudden drop in the Bitcoin price from above $47,000 on Tuesday to around $45,880 at the time of publication.
The SEC promptly announced its collaboration with law enforcement agencies to investigate the unauthorized access to its social media account. Despite the security breach, James Seyffart, a research analyst at Bloomberg Intelligence, expressed confidence in the ETF approval process, stating on X that the original schedule for potential approvals remains unchanged.
On a more serious note… here's all the firms doing the hard work behind the scenes. @Fidelity has lowered their fees all the way down to 25bps and is also offering a fee waiver to 0% through July 31, 2024 pic.twitter.com/Ao0WmICBFh
— James Seyffart (@JSeyff) January 9, 2024
“We’re still expecting potential approvals tomorrow and for potential trading to begin Thursday,” Seyffart assured in the wake of the incident.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News