Anticipation Builds for First-Ever U.S. Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is set to decide on the approval of spot bitcoin exchange-traded funds (ETFs) as early as Tuesday or Wednesday, according to a recent report. This news has generated significant buzz among market participants, as prominent asset management firms have updated their filings with the SEC in a race to secure regulatory approval for the first-ever spot bitcoin ETFs in the United States.
Major Asset Management Firms Submit Revised Filings
Several major players in the asset management industry, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest/21shares joint venture, have submitted revised filings with the U.S. Securities and Exchange Commission. The first deadline for the proposed spot bitcoin ETF by Ark Invest/21shares is Jan. 10, with many expecting the SEC to approve multiple spot bitcoin ETFs by that date.
According to sources familiar with the filing process, the SEC may notify issuers of their clearance to launch as early as Tuesday or Wednesday, paving the way for a potential launch the following week.
Fee Structures Taking Shape
Fee structures for the spot bitcoin ETFs are also becoming clearer. Valkyrie has announced a 0.80% management fee, similar to the proposed rate by Ark/21shares. Fidelity, on the other hand, aims to offer a competitive edge with a significantly lower 0.39% fee for its Wise Origin Bitcoin Fund. Invesco is offering a 0.59% fee and a six-month waiver for the first $5 billion in assets.
Seeding Plans Revealed
Bitwise plans to seed its spot bitcoin ETF with $200 million, as stated in its recent filing. In addition, Blackrock has announced its intention to seed its ETF with $10 million on Jan. 3. Despite the negative stance previously expressed by JPMorgan CEO Jamie Dimon, the world's largest asset manager has named JPMorgan as a lead authorized participant for its ETF.
With the Jan. 10 deadline approaching, the question remains: Will the SEC approve spot bitcoin ETFs? Share your thoughts in the comments section below.
CFTC
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
finance.yahoo.com
bbb.org
How To
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Aside from its inherent value, it could be traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This led to a decline in demand for foreign currencies, which caused their price to increase. The United States began minting large quantities gold coins at this time, which led to a drop in the price. Due to the excessive amount of money flowing into the United States, they had to find a way for them to repay some of their debt. They decided to return some of the gold they had left to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold has risen significantly since then. Although the price of gold fluctuates today, it remains one of your most safe investments.
—————————————————————————————————————————————————————————————-
Based on [POSTTITLE]
by [POSTAUTHOR]
