TechFlow reports, according to Bloomberg, ARK Investment Management and 21Shares have become the first major applicants in the U.S. to disclose management fees for a spot bitcoin ETF. Updated filings on Monday show that the Ark 21Shares Bitcoin ETF will charge a 0.8% management fee.
Although higher than the average 0.54% fee for U.S.-listed ETFs, this rate is lower than the 0.95% charged by the largest bitcoin futures ETF—the ProShares Bitcoin Strategy ETF—and significantly below Grayscale's GBTC, which charges 2%.
Ophelia Snyder, co-founder and president of 21Shares, said the "inherent complexity" of spot crypto products listed in the U.S. contributed to the 0.8% fee. While traditional ETFs can use bundled services such as custody, accounting, and administration, crypto products cannot. In practice, nearly every component of a crypto product relies on different vendors, which indeed increases operational costs. We believe this is a reasonable price point that can sustainably support these markets over the long term.
