Invesco Galaxy, Bitwise, WisdomTree, Fidelity BTC ETF Review Join the Rush

Hopefuls racing to become a one-stop bitcoin (BTC) exchange-traded fund (ETF) waited until the last minute to file their final S-1 form filings on Dec. 29. During the day, Invesco Galaxy, Bitwise, WisdomTree and Fidelity followed BlackRock, Van Eck and Valkyrie, according to the SEC.

Fidelity, WisdomTree and Invesco Galaxy are authorized participants announced on the new filing. Invesco Galaxy selected Virtu and JPMorgan, while Wisdomtree and Fidelity gave the nod to Jane Street Capital.

Despite the SEC's push to convert to cash, Wisdomtree chose to create and redeem its shares in kind.

In addition, analyst Eric Balchunas noted, the competitors have started a small price war with Invesco Galaxy giving up its first six months of payments and its first $5 billion in assets. Fidelity has set the fee at 0.39%.

Yes.. he was told that the charge would go to war bf even the starting gun was lost. And it never ends. This is normal life in the ETF Terrordome, the crypto exchange mind cannot understand this. https://t.co/5Am76DHzAi

— Eric Balchunas (@EricBalchunas) December 29, 2023

Bitwise has yet to disclose the approved participants, but it noted in its latest S-1 that an unnamed entity is interested in buying up to $200 million of ETF shares.

Related: Spot Bitcoin ETF May Cause ‘Millions of Unsupported BTC', Analyst Says

BlackRock, Van Eck, Greyscale, BitWise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, GlobalX ETF and Pando Asset have all filed S-1 filings for the Space Bitcoin ETF.

The SEC has set December 29 as the S-1 amendment deadline for the Spot BTC ETF. Grayscale's last filing was a new S-3 filed on December 27 following the resignation of Barry Silbert from the board of directors. In the new filing, Greyscale revealed that it would convert the Greyscale Bitcoin Trust into a cash-only position ETF, as Van Eck had done earlier on the same day and BlackRock had done in a previous update.

Silbert, of which he is the founder and CEO, and the digital currency group are under SEC investigation.

Magazine: SEC Delays Ether ETFs, Binance Settlement Approved and Another Court Loss for SBF: Hodler's Digest, December 17-23