Bitcoin ETF Essential Facts: Prices, Winners, Losers, Tickers and Fees
BlackRock’s iShares Bitcoin Trust took an early lead in trading volume as 11 spot bitcoin ETFs open their doors to the investing public. The nine trillion dollar asset manager attracted trading volume of $17.9 million in the first hour.
Close behind it was ‘crypto native’ asset manager Grayscale, which was allowed to convert its closed-ended trust into an ETF. It was the court case Grayscale brought against the US Securities and Exchange Commission to contest the regulator’s refusal to allow it to convert, that arguably got the party started.
The Grayscale Bitcoin Trust already has $28 billion in assets under management, so the converted vehicle had an enviable headstart on its new competitors, ringing up early volumes of $16.7 million.
Losers were to be found among the smaller players, as was perhaps to be expected. At the bottom of the trading volume table for the first hour of price action was Hashdex Bitcoin Futures ETF (DEFI), only managing to attract volume of $25,864. However, the last laugh may be with the minnows.
DEFI at the time of writing is one of only two of the spot bitcoin ETFs that is currently in the green, its price up 2.5% at $56.45.
A number of issuers have waived their management fee in an attempt to grab market share, effectively reducing fees to 0%. ARK, Bitwise, Fidelity, Valkyrie and Invesco have all waived their fees for an introductory period varying between three and six months.
Other issuers, like BlackRock, have trimmed their charge to entice buyers. BlackRock’s iShares Bitcoin Trust (IBIT) is charging 0.12% for 12 months up to assets of $5 billion, after which the fee rises to 0.25%.
It is early days and the price of bitcoin has been volatile to say the least. The price of the leading digital
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