How the Rivalry for Spot Bitcoin ETF Approval Has Intensified

The anticipation and rivalry surrounding the United States Securities and Exchange Commission (SEC) decision on approving or denying the Bitcoin exchange-traded fund (ETF) has heightened as the deadline approaches.

Recent reports highlight intentional fee adjustments to strengthen the position of applicants in their Bitcoin ETF product offerings.

Bitcoin ETF Applicants Rivalry for Approval

In the days preceding the January 10 deadline, reports have circulated regarding the actions of the 14 asset managers competing for a Bitcoin ETF, awaiting the SEC’s decision to either approve or deny the product’s launch.

Recent reports suggest a growing competition among asset managers. As per a recent report, Fidelity, an asset manager, has priced its fund at less than half the rate of other registrants.

The Wise Origin Bitcoin Fund from the firm will impose a fee of 0.39 per cent.

This contrasts the proposed 0.8 per cent from Ark, 21Shares, and Valkyrie, according to the report.

However, with 14 asset managers competing to provide the product, offering reduced fees may serve as a strategy to gain a competitive edge over their counterparts.

At the time of publication, Bitcoin’s price stands at $45,258.

Bitcoin Price Chart 1 Month. Source: BeInCrypto

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Bitcoin ETF Approval Probability Increases

Meanwhile, BeInCrypto recently reported that the odds of the spot Bitcoin ETF being approved has increased dramatically.

The odds now stand at an 88% probability of approval by January 15, 2024. This is evidenced by the trading price of the “Yes” shares of the relevant contract.

However, the 88% probability marks a major increase from the 50% chance estimated at the end of 2023.

Meanwhile, a recent report revealed the SEC was poised to notify the 14 applicants of spot Bitcoin ETFs about their approval status.

This news has seen Bitcoin’s value soaring over 55% since early October. Bitcoin’s recent surge past $45,000, a first since April 2022, highlights the market’s response to these developments.

Read more: How To Open a Bitcoin Account in 3 Easy Steps