BlackRock, ARK 21Shares Cut Bitcoin ETF Fees
Summary
BlackRock and ARK 21Shares have reduced the fees for their proposed bitcoin exchange-traded funds (ETFs) in anticipation of the U.S. Securities and Exchange Commission's (SEC) approval. BlackRock will charge 12 basis points on the first $5 billion in assets for the first year after the fund's listing, then the fee will be 25 basis points. This is a reduction from the initial fee of 0.2% rising to 0.3% after the promotional period. ARK 21Shares will waive the fee for the first six months after the fund's listing or for the first $1 billion in assets, then settle at 0.21%, a reduction of 4 basis points. The SEC is expected to approve multiple ETFs simultaneously, leading to competition among providers with fee structure being a key factor.
