Cathie Wood's Ark Invest Teases 'Aren't You A Little Bit Curious' About Bitcoin, Dangles Fee Waiver For Prospective Investors

Cathie Wood's Ark Invest has hinted at developments for its Bitcoin BTC/USD ETF, following a nod of approval from the Securities and Exchange Commission (SEC) for its application in partnership with 21Shares.

What Happened: The short video teases the perspective of Bitcoin and the fear of missing out, asking viewers, “When it comes to Bitcoin, aren’t you a little bit curious?”

Ark Invest joined forces with BlackRock to announce cuts in management fees for their spot Bitcoin BTC/USD ETFs. The fierce competition has led both asset management firms to slash fees in an attempt to woo investors.

Ark Invest, with its application lodged jointly with 21Shares, has trimmed the expense ratio for its prospective fund from an initial 0.25% to 0.21%. Moreover, the firm is looking to entice investors with a fee waiver applicable for either the first six months or the initial $1 billion in fund assets, subject to which comes first.

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Why It Matters: Meanwhile, BlackRock initially set fees at 0.30% (30 basis points) but subsequently pared down to 0.25% for its iShares Bitcoin Trust. Additionally, BlackRock introduced an inaugural rate of 0.12% (12 basis points) for either the first year or until the fund accrues $5 billion in assets under management.

As anticipation built around the SEC’s decision, expected on Wednesday, Wood conveyed her tempered optimism to Bloomberg: “You can never say 100%,” when questioned about the certainty of the Spot Bitcoin ETF approval.

Price Action: At the time of writing, BTC was trading at $46,147. down 1.16% in the last 24 hours, according to Benzinga Pro.

Illustration by Benzinga using photo courtesy of Ark Invest.

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