In official statements, Wall Street powerhouses BlackRock, Fidelity, and Invesco, alongside cryptoasset firms Valkyrie and Bitwise, have announced their preparedness to introduce spot Bitcoin ETFs. Notably, Bitwise and BlackRock have unveiled seed capital of $200 million and $10 million, respectively, to initiate trading operations.
The companies have divulged crucial specifics regarding their upcoming trading ventures, including trading chains, strategic partnerships with prominent brokerages, and the prospective commissions their ETF partners would impose on clients if granted the green light by the U.S. Securities and Exchange Commission (SEC).
Bloomberg ETF analyst Eric Balchunas believes that, on the whole, the propositions put forth by these investment giants bear a striking resemblance. Balchunas suggests that the competition among Bitcoin ETF issuers will revolve around manipulating fees, leveraging brand reputation, and catering to customer preferences.
Earlier, Michael Saylor, the founder of MicroStrategy, opined that the approval of a Bitcoin ETF in the United States, an event eagerly anticipated by the entire crypto industry, would be the most significant occurrence for the American stock market in the last three decades.