From Fortune:

The Securities and Exchange Commission is on the brink of approving the first wave of Bitcoin ETFs. Big players like Fidelity and Galaxy/Invesco are already releasing details on their fees and authorized participants, gearing up for the battle to attract investors. A Bitcoin ETF is seen as a vehicle to bring traditional investors into the volatile crypto sector.

The crypto industry’s anticipation of a spot Bitcoin ETF is finally coming to a head as the SEC appears ready to approve. A total of 12 issuers, including BlackRock, Fidelity, Grayscale, and Franklin Templeton, are vying for spot Bitcoin ETF approval. The SEC has asked issuers to file their last revisions to their applications by the end of the year ahead of a potential launch date just days away.

As issuers file updates to their applications, the model of redemption that issuers will follow is beginning to come into focus. The SEC is pushing for a cash model, putting the onus of Bitcoin buying and selling on the issuer rather than allowing broker-dealers to handle Bitcoin. The first authorized participants that issuers will work with have been listed, and two issuers have released details regarding the fees they will charge for the ETF.

The price of Bitcoin is rallying on an expectation of approval, soaring to nearly $46,000 on Tuesday morning. This surge comes as the SEC appears ready to approve the first wave of Bitcoin ETFs, with big players like Fidelity and Galaxy/Invesco releasing details on their fees and authorized participants. The SEC has signaled its intention to open the floodgates to the investment vehicle, which tracks the current price of Bitcoin.



Read more: Fidelity sets Bitcoin ETF fee at 0.39% ahead of expected SEC approvals