BlackRock Expands List of Authorized Participants for Bitcoin ETF

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BlackRock, the world's largest asset manager, has recently expanded its list of authorized participants (APs) for its bitcoin spot ETF, adding prestigious Wall Street firms such as Citi, Citadel, Goldman Sachs and UBS. This addition brings the total number of APs for the bitcoin-based fund to nine, demonstrating BlackRock's growing commitment to the cryptocurrency sector.

The recent inclusion of these firms was made public through a ETF Form S-1 Amendment, which was filed with the Securities and Exchange Commission (SEC) on April 5. This development follows a wave of amended applications for bitcoin ETFs filed by several financial giants, including BlackRock, to the SEC earlier this year. On January 8, a group of industry leaders including Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity and Valkyrie filed revised S-1 forms for their bitcoin spot ETFs, marking a step important in the approval process.

BlackRock's Strategic Expansion: A New Chapter in bitcoin ETFs

These amendments shed light on the financial structures underpinning these potential ETFs, revealing details such as sponsor fees and strategic adjustments. For example, Black Rock set its sponsor fee at 0.3%, with a promotional rate of 0.2% for the first year or until the ETF reaches $5 billion in assets. In contrast, VanEck opted for a lower permanent fee of 0.25%, while WisdomTree chose a higher fee of 0.5%. Additionally, ARK Invest and 21Shares announced a waiver of their 0.25% fee for the first $1 billion in transactions.

Authorized participants play a crucial role in the ETF market, as they are typically large banks or investment firms in charge of issuing and redeeming ETF shares. They ensure liquidity in the market by creating and redeeming shares based on demand, which helps keep ETF prices in line with the net asset value of the underlying assets. In exchange for acquiring the assets needed to create ETF shares, APs receive a package of shares known as a creation unit.

BlackRock's expansion of authorized participants for its bitcoin Spot ETF, along with the avalanche of amendments to existing btc Spot ETF filings, signifies notable progression on the path to a US bitcoin ETF. The coming weeks and months will be crucial in determining the outcome of these applications and their potential impact on the cryptocurrency market.

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