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BlackRock Sets Lowest Fee For Spot Bitcoin ETF

BlackRock (BLK) has set the lowest fee for its planned spot Bitcoin (BTC) exchange-traded fund (ETF) compared to competing asset managers.

BlackRock’s proposed fee for its Bitcoin ETF is 0.30%. That compares to fees of 0.80% and 0.39% set by competitors Valkyrie Investments and Fidelity.

The proposed fees come as BlackRock and the other asset managers await a Jan. 10 decision by the U.S. Securities and Exchange Commission (SEC) on whether to approve spot Bitcoin ETFs for the U.S. market.

More than a dozen companies have applied to the SEC to launch a spot Bitcoin ETF. If approved, the ETFs are expected to attract billions of dollars in new capital.

Expectations that the SEC will approve the ETF applications has driven the price of Bitcoin up 161% over the last 12 months to $44,550 U.S.

BlackRock’s stock has gained 4% in the last year to trade at $782.83 U.S. per share.