BlackRock and ARK 21Shares Reduce Bitcoin ETF Fees

The cryptocurrency industry is undergoing a significant development as BlackRock (BLK) and ARK 21Shares have reduced fees for their leading exchange-traded funds (ETFs) while awaiting approval for a spot bitcoin ETF from the U.S. Securities and Exchange Commission (SEC).
BlackRock stated that it would charge 12 basis points on the first $5 billion in assets for the 12 months following the listing of the fund in a new S-1 filing. Afterward, the fee will be set at 25 basis points. The company had previously announced a starting fee of 0.2%, which would increase to 0.3% after the promotional period in its previous application.
ARK 21Shares, on the other hand, will completely waive fees for the first six months or the first $1 billion in assets (whichever occurs earlier) after the fund's listing, and then they will charge a 0.25% fee.
The SEC is expected to approve multiple ETFs simultaneously, indicating that different providers will compete for market share by adjusting their fee structures.