ARK Invest is the first asset manager to reveal bitcoin ETF fees for its proposed offering as we can see more in our latest Bitcoin news today.
When ARK invest as the New York-based investment management firm by Cathie wood, filed for a bitcoin ETF a week ago, it joined the ranks of a few other US firms that hope to convince the Securities and Exchange Commission to allow the launch of the ETF tracking the price of Bitcoin. However, there’s one thing about the application that stands out among the crowded field so according to the report by the Financial Times, Ark Invest is the first asset manager to reveal an actual fee for the proposed bitcoin ETF offering.
According to a disclosure form filed with the SEC, Ark Invest partnered with Swiss-based ETF provider 21shares AG to offer the ARK 21 Shares bitcoin ETF which if approved will trade on Cboe’s bZX exchange under ARKB. In addition, the filing indicates that a planned fee of 0.95% payable to 21Shares with the latter to use the money to cover operating expenses.
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Neena Mishra, who is a director of ETF research at Zacks Investment Research said that since Ark’s proposed Bitcoin ETF already has a huge market which means that competitors will want to match or undercut the expense ratio, kicking off a fee war in the space. Both Ark’s Innovation and the Next Generation Internet ETFs hold shares of Coinbase exchange which was picked up to provide custodial services for the proposed ETF. According to Mishra, if the offering is approved, it will mean that both funds will be the first major shareholder with investors getting even bigger exposure to the product free of charge.
An exchange-traded fund is traded fund that tracks the price of an underlying asset so, in the case of a bitcoin ETF, it provides institutional investors with exposure to BTC without a need to purchase the asset. Bitcoin ETFs are available to investors in places like Brazil and Canada but their American counterparts are waiting for the product to arrive with the SEC having turned down all applications up to date. The Commission is reviewing Bitcoin ETFs filings from companies like VanEck, Skybridge Capital, WisdomTree, and Kryptoin.
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