In her latest statement to CNBC, Kate Rooney provided information about the expected approval date for Bitcoin Exchange Traded Funds (ETFs). According to Rooney's news, based on sources closely related to the process, the green light for Bitcoin ETFs is expected to be lit soon and Wednesday is expected to emerge as potential approval.
This announcement coincides with the deadline for Cathie Wood's ARK and 21Shares application, setting the stage for potential trades to begin on Thursday or Friday, according to Rooney. It is anticipated that the Securities and Exchange Commission (SEC) will approve several applications simultaneously.
Rooney pointed out the competitive environment among ETF sponsors and stated that there were 13 applications with different fee structures. Notably, on fees, BlackRock plans to start at 0.2% and go up to 0.3%, while Fidelity and Grayscale are offering fees of 0.39% and 1.5%, respectively.
Notably, Grayscale is known to be planning to convert its currently publicly traded BTC trust, GBTC, into an ETF; The move, if approved, could lead to it becoming one of the largest commodity-based ETFs with a staggering $27 billion under management, according to Rooney.
*This is not investment advice.