BlackRock, Ark Cut Fees amid False Approval Alert


BlackRock and Ark Investment Management have slashed fees for their planned spot bitcoin exchange-traded funds (ETFs).
BlackRock’s iShares Bitcoin Trust has lowered its fee from 0.30% to 0.25%,
while Ark 21Shares Bitcoin ETF reduced its fee to 0.21% from the initial 0.25%.

BlackRock and Ark submitted the revised filings to
the regulator shortly after a false message briefly appeared on the Securities and Exchange Commission’s (SEC)
social media account, falsely asserting the approval of the long-awaited spot Bitcoin ETF.

Despite this, most issuers remain optimistic about
the SEC’s potential approval of the fund by Wednesday afternoon, with trading anticipated to commence as early as Thursday morning, Reuters reported.

This maneuver sparks an unprecedented fee battle,
occurring even before the approval from the SEC for these investment products is granted. Both BlackRock and Ark are demonstrating a sense of
urgency to capture a significant portion of the expected capital inflow.

Despite the social media frenzy surrounding the false announcement of approval, the SEC is poised to decide on the application
from asset managers Ark Investments and 21Shares. This decision could pave the way for a transformative shift in the
crypto landscape.

Optimism amidst Social Media Turmoil

Various asset managers, including Fidelity and VanEck, have submitted applications to list spot Bitcoin ETFs. If approved, these ETFs would mark a significant milestone
for Bitcoin , enabling institutional and retail investors to access cryptocurrency without directly possessing it.

Despite the SEC’s silence regarding its decision,
industry insiders had expressed confidence earlier in the week, foreseeing a
favorable ruling for the applications from Ark, 21Shares, and other pending applications,
according to a report by Reuters.

On Tuesday, an unauthorized
post appeared on the SEC’s social media account, erroneously claiming approval
for all the Bitcoin ETF products. This misinformation sent shockwaves across
the industry, triggering volatility in the price of Bitcoin. However, the industry is optimistic that the US watchdog will still approve the funds.

Ben Zhou, the Co-Founder, and CEO of Bybit, mentioned: “The
Bitcoin ETF’s approval is not just about enabling new investment products; it
is a beacon of Bitcoin’s maturity as an asset class and a testament to the
tireless work of the crypto community to meet and exceed regulatory standards.
This historic approval signifies a leap toward mainstream adoption and a more
investment landscape, promising an exciting future where digital assets stand
shoulder to shoulder with traditional ones.”

BlackRock and Ark Investment Management have slashed fees for their planned spot bitcoin exchange-traded funds (ETFs).
BlackRock’s iShares Bitcoin Trust has lowered its fee from 0.30% to 0.25%,
while Ark 21Shares Bitcoin ETF reduced its fee to 0.21% from the initial 0.25%.

BlackRock and Ark submitted the revised filings to
the regulator shortly after a false message briefly appeared on the Securities and Exchange Commission’s (SEC)
social media account, falsely asserting the approval of the long-awaited spot Bitcoin ETF.

Despite this, most issuers remain optimistic about
the SEC’s potential approval of the fund by Wednesday afternoon, with trading anticipated to commence as early as Thursday morning, Reuters reported.

This maneuver sparks an unprecedented fee battle,
occurring even before the approval from the SEC for these investment products is granted. Both BlackRock and Ark are demonstrating a sense of
urgency to capture a significant portion of the expected capital inflow.

Despite the social media frenzy surrounding the false announcement of approval, the SEC is poised to decide on the application
from asset managers Ark Investments and 21Shares. This decision could pave the way for a transformative shift in the
crypto landscape.

Optimism amidst Social Media Turmoil

Various asset managers, including Fidelity and VanEck, have submitted applications to list spot Bitcoin ETFs. If approved, these ETFs would mark a significant milestone
for Bitcoin , enabling institutional and retail investors to access cryptocurrency without directly possessing it.

Despite the SEC’s silence regarding its decision,
industry insiders had expressed confidence earlier in the week, foreseeing a
favorable ruling for the applications from Ark, 21Shares, and other pending applications,
according to a report by Reuters.

On Tuesday, an unauthorized
post appeared on the SEC’s social media account, erroneously claiming approval
for all the Bitcoin ETF products. This misinformation sent shockwaves across
the industry, triggering volatility in the price of Bitcoin. However, the industry is optimistic that the US watchdog will still approve the funds.

Ben Zhou, the Co-Founder, and CEO of Bybit, mentioned: “The
Bitcoin ETF’s approval is not just about enabling new investment products; it
is a beacon of Bitcoin’s maturity as an asset class and a testament to the
tireless work of the crypto community to meet and exceed regulatory standards.
This historic approval signifies a leap toward mainstream adoption and a more
investment landscape, promising an exciting future where digital assets stand
shoulder to shoulder with traditional ones.”





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