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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, January 12, 2024 How the Spot Bitcoin ETPs Fared On Day One There's a clear winner among the spot bitcoin ETPs after day one ... though it had a massive headstart on its competitors.
The Grayscale Bitcoin Trust (GBTC on the NYSE Arca) appears to be by far the biggest of the initial spot bitcoin ETPs, with $28.618 billion in AUM yesterday and a 150-basis-point expense ratio. Yet there's a good reason for its massive size out of the gate: the fund already existed, for years, and simply converted to being an ETP yesterday (unlike most of its competitors, which are newly created funds). The second biggest spot bitcoin ETP so far appears to be the Bitwise Bitcoin ETF (BITB on the NYSE Arca). By end of day yesterday, the fund had grown to $240 million in AUM. It has an expense ratio of 20bps, though that fee is currently waived. The VanEck Bitcoin Trust (HODL on the Cboe BZX) now has $76.57 million in AUM, thanks largely to $72.5 million in seed capital. It comes with an expense ratio of 25bps. The Franklin Bitcoin ETF (EZBC on the Cboe BZX) brought in $50 million in net inflows yesterday, bringing its AUM up to $53 million, company spokesperson Vanessa Garcia confirms. This morning the Franklin folks lowered EZBC's expense ratio to 19bps and waived it through August 2 on up to $10 billion in AUM. "We think this sends a clear signal to investors: we're here for the long run," states David Mann, head of ETP product and capital markets at Franklin Templeton. The Fidelity Wise Origin Bitcoin Fund (FBTC on the Cboe BZX) now has $20 million in AUM. It comes with an expense ratio of 25bps, though the fee is currently waived. BlackRock's iShares Bitcoin Trust (IBIT on the Nasdaq) now has $10.635 million in AUM. It comes with an expense ratio of 25bps. The Invesco Galaxy Bitcoin ETF (BTCO on the Cboe BZX) now has $5.11 million in AUM. It comes with an expense ratio of 39bps, though that is currently waived. The WisdomTree Bitcoin Fund (BTCW on the Cboe BZX) currently has $2.479 million in AUM. It comes with an expense ratio of 30bps, though the fee is currently waived. The Valkyrie Bitcoin Fund (BRRR on the Nasdaq) now has $529,000 in AUM. It comes with a currently waived expense ratio of 25bps. It appears that the $17.728-million-AUM Hashdex Bitcoin Futures ETF (DEFI on the NYSE Arca) has not yet converted into the new Hashdex Bitcoin ETF (same ticker). Meanwhile, day one AUM figures were not immediately for the ARK 21Shares Bitcoin ETF (ARKB on the Cboe BZX). Printed from: MFWire.com/story.asp?s=66917 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
