Prominent digital asset manager Grayscale will slash its management fees to 1.5% from 2% for its proposed spot Bitcoin exchange-traded fund (ETF), according to an updated S3 filing submitted to the U.S. Securities and Exchange Commission on Jan. 8. The asset manager said the fees are payable in the top cryptocurrency.
The filing further revealed that the asset manager added Jane Street, Virtu Americas, Macquarie Capital, and ABN AMRO Clearing as authorized participants (APs) for its proposed ETF. It also named Jane Street, Virtu Flow Traders, and Flowdesk liquidity providers for the ETF.
High fees
Despite Grayscale’s fee cut, the firm’s rate remains notably higher than the proposed fees by ETF issuers like BlackRock and others, who have mostly charged under 1%.
Ark and 21 Shares reduced its fees to 0.25% from 0.8% earlier today while waiving its fees for the first six months or $1 billion. Another asset manager, VanEck, also plans to charge 0.25%.
In contrast, BlackRock has outlined a fee structure starting at 0.2% for the initial 12 months and $5 billion of its ETF, which will increase to 0.3% later. Bitwise opted for a 0% charge during the first six months, followed by a 0.24% fee thereafter.
Others, like Wisdomtree, Invesco Galaxy, Fidelity, Valkyrie, Hashdex, and Franklin Templeton, charge between 0.39% and 0.9%, respectively.
Grayscale stands out among ETF applicants by strategically targeting the transformation of its Bitcoin Trust into a spot ETF. This unique app
Go to Source to See Full Article
Author: Oluwapelumi Adejumo
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
