The race for the first spot Bitcoin exchange-traded fund (ETF) approved for the US market is heating up, with a number of major financial institutions submitting final S-1 filings as the deadline for applications passed on December 29. Among the notable details in the filings was the naming of authorized participants (APs) and fees.
JPMorgan, along with Jane Street, was named as an AP in the final Bitcoin ETF filings submitted by BlackRock and Valkyrie. This development has drawn attention due to the public remarks of JPMorgan’s CEO Jamie Dimon, who has been known for his criticism of Bitcoin in the past. The selection of JPMorgan and Jane Street as APs adds to the overall institutional appeal of the ETFs.
In addition to the naming of APs, the filings also revealed details about the fees associated with the ETFs. Invesco Galaxy, for example, disclosed a six-month fee waiver with up to $5 billion in assets for its ETF, while Fidelity outlined a 0.39% fee for its offering. Analysts predict that there will be tough competition among ETF issuers, leading to a potential “price war” as they vie for investor interest.
Meanwhile, in the world of cryptocurrency, Pullix, a new hybrid exchange seeking to bring the best of centralized and decentralized exchanges to the market, has been making waves. The platform, built on the Ethereum blockchain, aims to address the liquidity challenges in the decentralized finance (DeFi) industry. With features such as self-custody for users’ digital assets and a unique “Trade-to-Earn” incentive program, Pullix is positioning itself as a leading player in the DeFi space.
The excitement and positivity surrounding the potential approval of a first spot Bitcoin ETF by the SEC is mirrored in Pullix’s token sale, which has hit a significant milestone, attracting over $2 million from investors. The project’s native token, $PLX, has seen an increase in value from its initial presale price, signaling strong investor interest in the platform.
As the countdown to the approval of the first spot Bitcoin ETF by the SEC continues, it is clear that the market is primed for significant developments in the cryptocurrency and DeFi sectors. Both institutional and retail investors are closely watching these developments, eager to capitalize on the opportunities presented by these pioneering financial products and platforms.