Major Wall Street Firms Finalize Bitcoin ETF Offerings Ahead of Expected SEC Action

According to CoinDesk, Invesco, Fidelity, BlackRock, Valkyrie, and Bitwise have finalized their Bitcoin ETF offerings' paperwork in anticipation of the SEC's possible approval in early 2024. Over a dozen firms are looking to enter the new market by offering their own version of the easily investable product to investors who prefer to keep their bitcoin exposure in their brokerage accounts, alongside stocks and bonds. Bloomberg analysts have suggested that the SEC is likely to approve multiple issuers simultaneously to avoid showing favoritism. BlackRock initiated the end-of-week filing frenzy by announcing JPMorgan and Jane Street as its Authorized Participants, which are partnering companies that handle the financial backend related to an ETF. Within hours, the other firms followed suit. With little to differentiate one bitcoin ETF from another, the competition could come down to fees. Invesco and its partner Galaxy Digital disclosed that they will waive fees for the first six months and $5 billion invested, undercutting Fidelity, which plans to charge 39 basis points. Size also matters in this race, as Bitwise revealed it has already secured $200 million in seed capital for its ETF, outpacing BlackRock, which has $10 million ready. Investors may also choose one fund over another based on its initial popularity.