Traditional finance giants BlackRock and Fidelity are competing against smaller, crypto-focused firms as the race for assets heats up. The US Securities and Exchange Commission (SEC) approved nearly a dozen spot bitcoin ETFs on Wednesday, with most expected to begin trading soon.

The SEC first approved the 19b-4 proposals filed by the Cboe BZX Exchange, Nasdaq, and NYSE Arca, the exchanges where the funds will be listed. The final step involved making the issuers' registration statements (S-1s) effective.

Though Hashdex's bitcoin futures fund was approved to be listed as a spot product, its registration statement to convert the fund is still under SEC review.

As several ETFs prepare to launch, competition is expected to be intense, with asset managers differentiating through low fees and marketing campaigns.

### Issuers Set to Launch the First Spot Bitcoin ETFs in the US

**BlackRock**

- **Fund name**: iShares Bitcoin Trust (IBIT)

- **Exchange**: Nasdaq

- **Fee**: 0.25% (0.12% for the first 12 months, or $5 billion)

- Entered the race in June, with strong expectations due to its size and track record.

**Fidelity**

- **Fund name**: Fidelity Wise Origin Bitcoin Fund (FBTC)

- **Exchange**: Cboe BZX

- **Fee**: 0.25% (0.0% through July 31, 2024)

- Rejoined the race in June, with previous experience in launching a similar product in Canada.

**Ark Invest, 21Shares**

- **Fund name**: Ark 21Shares Bitcoin ETF (ARKB)

- **Exchange**: Cboe BZX

- **Fee**: 0.21% (0.0% for the first six months, or $1 billion)

- First in line for approval, with previous unsuccessful attempts but now poised to compete strongly.

**Bitwise**

- **Fund name**: Bitwise Bitcoin ETF (BITB)

- **Exchange**: NYSE Arca

- **Fee**: 0.20% (0.0% for the first six months, or $1 billion)

- Has been actively pursuing a bitcoin ETF since 2019, with aggressive marketing strategies.

**Grayscale**

- **Fund name**: Grayscale Bitcoin Trust (GBTC)

- **Exchange**: NYSE Arca

- **Fee**: 1.5%

- Seeks to convert its existing trust into an ETF, carrying a higher fee but substantial assets.

**Valkyrie**

- **Fund name**: Valkyrie Bitcoin Fund (BRRR)

- **Exchange**: Nasdaq

- **Fee**: 0.25% (0.0% for the first three months)

- Re-entered the race in June, focusing on performance rather than the lowest fees.

**Invesco, Galaxy Digital**

- **Fund name**: Invesco Galaxy Bitcoin ETF (BTCO)

- **Exchange**: Cboe BZX

- **Fee**: 0.39% (0.0% for the first six months, or $5 billion)

- Teamed up to build a crypto ETF suite, with strong market presence from previous collaborations.

**Hashdex**

- **Fund name**: Hashdex Bitcoin ETF (DEFI)

- **Exchange**: NYSE Arca

- **Fee**: 0.94%

- Aiming to modify its Bitcoin Futures ETF to hold bitcoin directly, with ongoing SEC review.

With these approvals, the competition among bitcoin ETFs is expected to be fierce, focusing on low fees and strategic marketing to attract investors.