Fun

VanEck slashes Bitcoin spot ETF fees to zero amid ATH inflows

News Feed - 2024-03-12 04:03:51

Zhiyuan Sun4 hours agoVanEck slashes Bitcoin spot ETF fees to zero amid ATH inflowsSince their inception in January, U.S. spot Bitcoin ETFs have attracted billions in inflows.1699 Total views18 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAsset manager VanEck will reduce all sponsor fees to zero for the first $1.5 billion of funds in its Bitcoin Trust ETF until March 31, 2025.


According to the March 11 announcement, the sponsor fee is levied at 0.20% of net assets under management for funds exceeding $1.5 billion. "Because we believe in #bitcoin so much, starting tomorrow, you can invest in VanEck Bitcoin Trust (HODL) with no fees until March 31, 2025," the asset manager wrote.


The VanEck Bitcoin Trust ETF was approved by the U.S. Securities and Exchange Commission (SEC) on Jan. 4 and currently has $297.86 million in assets under management, with 4,299 Bitcoin (BTC) in its holdings. Tracking the performance of Bitcoin, the exchange-traded fund (ETF) has returned 87.7% since its inception two months ago.pic.twitter.com/hPKC5Q9vnK— Gemini (@Gemini) March 11, 2024


Even as the SEC was reviewing spot Bitcoin ETF applications, ETF managers had begun a price war over their funds’ management expenses. Before the entry of competitors, the Grayscale Bitcoin Trust had annual management fees of 2%. The industry average has since dropped below 0.30%. 


The same day, Eric Balchunas, senior ETF analyst for Bloomberg, noted in his research that the ten spot Bitcoin ETFs listed in the U.S. have accumulated an all-time high of $55 billion in combined assets under management and $110 billion in total volume traded. "If these were the numbers at the end of year I"d call them a success. To do it in eight weeks is simply absurd," Balchunas wrote, adding: "That said, i wouldn"t get crazy with growth predictions like "they could challenge SPX ETFs". Here"s look at them vs other categories. Tech ETFs (which is just one sector of US mkt) is massive. Plus hard to pass core categories when they used as satellite positions."


The size of Bitcoin ETFs has surpassed S&P 500 Industrial ETFs but remains behind the assets under management of S&P 500 Low Volatility sector ETFs and are nowhere close to the trillions of dollars managed in gold ETFs. At the time of publication, Bitcoin is trading at a record-high price of $72,721.


Related: Bitcoin halving: What’s different this time around?# Bitcoin# Cryptocurrencies# Business# ETF# Asset ManagementAdd reactionAdd reaction

News Feed

Airdrop token prices are crashing — Does Web3 need a new model?
Alex O’Donnell10 hours agoAirdrop token prices are crashing — Does Web3 need a new model?Tokens distributed in airdrops consistently underperform the market. Now, Web3 protocols are exploring new approaches.543 Total
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education press release PRESS RELEASE. Bitcoin of America (BOA) is a popular virtua
Bitfinex Files for Subpoena in Bid to Recover $880 Million in Frozen Funds
Bitfinex has applied to a U.S. court to subpoena a former banking executive of a trust company that the crypto exchange believes can help it recover over $850 million in frozen funds.
BTC price tags $66K — can Bitcoin bulls beat out $100M of asks?
William Suberg30 minutes agoBTC price tags $66K — can Bitcoin bulls beat out $100M of asks?Bitcoin buyers need to ramp up pressure to squeeze the market back toward all-time highs, BTC price analysis concludes.205 Tota
Europe’s Securities Regulator ESMA Seeks to Obtain Crypto Transaction Data
Europe’s Securities Regulator ESMA Seeks to Obtain Crypto Transaction Data The European Securities and Markets Authority (ESMA) is gearing up to implement stricter oversight in r
Crypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says ‘Downward Force Still Strong’
Crypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says "Downward Force Still Strong" The crypto economy has slid in value 2.9% during the last 24 hours and bitc
Arbitrum Surpasses $1.5 Billion in TVL Following Rumors of a Possible Token Airdrop
Arbitrum Surpasses $1.5 Billion in TVL Following Rumors of a Possible Token Airdrop Arbitrum, a second layer expansion rollup for Ethereum, has breached the $1.5 billion of total v
Bitcoin ‘dumb money sells’ as whales, sharks add 328K BTC in a month
William Suberg7 hours agoBitcoin ‘dumb money sells’ as whales, sharks add 328K BTC in a monthBitcoin big players seem ready to buy BTC at any price, while smaller market participants decrease exposure.4108 Total view
Savannah Fortis10 hours agoGen Z in South Korea prefers XRP and other altcoins to BTC and ETH: ReportA report from a local South Korean publication found that 20% of Gen Z investors in the country hold XRP, the most sele
CEO: Coinbase Has Earned $2 Billion in Transaction Fees Since 2012
Coinbase has earned more than $2 billion in transaction fee revenue since launching in 2012, according to CEO Brian Armstrong. Speaking onstage at a Vanity Fair event, Armstrong sai
Leading BTM Operator Bitcoin of America Working With Mayor Suarez to Promote Women in Crypto at BTC 2022 Miami
Leading BTM Operator Bitcoin of America Working With Mayor Suarez to Promote Women in Crypto at BTC 2022 Miami press release PRESS RELEASE.Theleading virtual currency exchange, Bitc
XRP Price At $9 In September: Gann Angle Resistance Grid Predicts Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu