Approval of Bitcoin spot ETF faces a crucial moment this week. Nate Geraci, President of registered investment advisor The ETF Store, shared his top five concerns on X.
Firstly, Geraci will prioritize the transparency of remaining issuer fees. In this competitive landscape, he believes the importance of fees cannot be underestimated, with Fidelity currently leading with a fee rate of 0.39%, and Invesco at 0.59% (which is free for the first six months).
Additionally, Geraci sees Wednesday as a critical time point regarding whether the U.S. Securities and Exchange Commission (SEC) will approve the spot ETF. The SEC’s Division of Trading and Markets must approve the 19b-4 form (exchange rule amendment), and the company’s finance department must sign off on the S-1 form (registration statement). Geraci believes the key lies in obtaining approval for the 19b-4 and is highly anticipating it.
If the ETF is launched as expected this Thursday, Geraci is very curious about the funding scale of the issuers in the queue. There are rumors that BlackRock may already have $2 billion ready. How much will Fidelity, Invesco, and other companies bring? Geraci believes ARK may purchase over $200 million to replace its GBTC holdings in ARKW.
Geraci is also speculating whether GBTC will convert/list on the same day as the other issuers’ launch. Based on executives’ tweets, filed documents, actions, and messages, Geraci believes they will move in this direction. He thinks this will also be a significant positive for the market, as GBTC currently holds $27 billion in assets. Assuming it launches, it will automatically become one of the top 60 ETFs based on assets under management.
Geraci will continue to monitor the issuers’ market marketing strategies. Bitwise, Hashdex, and VanEck have already released advertisements. What plans do BlackRock, Fidelity, Invesco, ARK, Grayscale, and other companies have? Advertising rules under the 1933 Securities Act (spot Bitcoin ETF structure) are much stricter, and Geraci expects to see some interesting creativity in this area.
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