With the crypto industry anticipating the U.S. Securities and Exchange Commission (SEC) approving a spot bitcoin exchange-traded fund (ETF) as early as today, BlackRock (BLK) and ARK 21Shares both cut the fees for their proposed ETFs.
BlackRock said it will charge 12 basis points on the first $5 billion in assets for the 12 months after the fund’s listing in a new S-1 filing on Wednesday. Thereafter, the fee will settle at 25 basis points. BlackRock previously revealed an initial fee of 0.2% rising to 0.3% after the promotional period in a previous filing on Monday.
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ARK 21Shares will waive the fee entirely for the first six months after the fund’s listing or for the first $1 billion in assets, whichever comes sooner, and then settle at 0.25%. However, the firms have now reduced this by 4 basis points to 0.21%.
