How low can bitcoin ETF fees drop before it hurts a business?
On Thursday, Franklin Templeton’s Franklin Bitcoin ETF ranked sixth among the 11 for first day trading volume at $65.45 million by the end of the day.
(Note: A number of issuers, Franklin included, are waiving fees for a limited time.)
There’s reason to believe that spot bitcoin ETFs and other related products that may come to market will see strong demand over time, and major investment houses want a piece of the action.
An additional preexisting $2.3 billion from Grayscale’s GBTC fund, which converted into a spot bitcoin ETF on Wednesday, brought the 11 issuers’ total to $4.6 billion.
It’s been over a decade since the first application for a spot bitcoin ETF was filed.
After a number of denials over the years, the U.S. Securities and Exchange Commission has approved all 11 applications from spot bitcoin ETF issuers, marking a potential watershed moment for the crypto industry and potentially opening the floodgates by making it easier for institutional investors and consumers alike to invest in the biggest digital asset.
The issuers are BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF and Franklin Bitcoin ETF.
In 2021, BITO, the first bitcoin-linked futures ETF in the U.S., launched and immediately saw a lot of demand during its first year.
It eventually grew to become one of the largest and most traded crypto ETFs., according to ProShares data.
