Core Scientific back from the dead, Bitcoin ETF fees war begins, and where’s Hashdex?

The S1 filings for the ETF have their Final amendments made and it reveals Some information that might start a rate War good morning you're listening to the Ryen crypto podcast by coin Telegraph With me Robert bags steering you through The crypto Cosmos with daily dispatches From the digital Frontier crypto is fizzing with Excitement at the moment and if you want To stay in the know you better click That follow button grab yourself a Coffee and let's get into It okay let's start with the standout Story from yesterday because although it Sounds a little Bland it's actually Interesting and highly impactful Although we didn't get any big Announcements from the SEC we did get One significant occurrence the filing of Each issuer's final forms1 amendments For the spot Bitcoin ETFs we have seen This tennis esque back and forth between The various companies and the SEC with This form but that has now come to an End we are now only one day away from The 10th of January the expected date The SEC will rule on the spot Bitcoin ETFs the asset manager Valkyrie was the First through the door with their form S1 filing followed by Wisdom Tree Black Rock van EK Invesco and Galaxy grayscale With their S3 filing Arch invest and 21 Shares Fidelity bitwise and Franklin

Templeton now while this filing was Expected we do now have some information On what's shaping up to be a fee war Between the issuers that is who can Offer the most attractive rates to Participants in the ETF so I'm going to Do my best to explain this succinctly But essentially there is a fee and then For some issuers there is a waiver the Fee is how much the investor will pay Over the course of a year to participate In the fund so if the fee was 0.2% the Investor would pay $20 for every $10,000 They invest the waiver is just Conditions where that fee doesn't apply Or that fee is reduced so putting Waivers to one side for a second the Cheapest fee we've seen is bitwise with 0.24% Arc 21 shares is 0.25% Van e is also 0.25% Franklin Templeton is 0.29% Black Rock is 0.3% and then it Goes up as high as grayscales 1.5% now let's have a quick look at the Waiver because for some of the issuers They are waving the fee entirely Arc 21 Shares will charge 0% for the first 6 Months or the first $1 billion invested I imagine whichever comes first bitwise Is also charging 0% for the first 6 Months and the first $1 billion Invesco Galaxy is also charging 0% for the first 6 month and $5 billion after which Invesco and Galaxy goes up to

0.59% the only other waiver we know of Is black rocks which is 0.2% for 12 Months or5 billion and then it goes up To 0.3% so I'm going to quote Bloomberg's ETF analyst and the man Whose name is stamped into my eyelids Lately Eric balinas on two different Stories here the first is how much of an Impact these fees have in reality balcon Said historically this hasn't moved the Needle much advisers focused on regular Fees since they are long-term investors That said given all these ETFs all do The same thing maybe it will matter all Else equal we'll see but the other point Balcon has made is more interesting as I'm sure you've flagged grayscale's fee Is significantly higher than anyone Else's at 1.5% with no known waiver but Grayscale is unique in this spot Bitcoin ETF process in so far as they are Converting their grayscale Bitcoin trust To an ETF so yesterday balcon has Tweeted gbtc which is gray scale's Bitcoin trust traded close to half a Billion today that is more than 99% of The 3,000 current ETFs and a reminder That they are bringing a volume gun to a Knife fight if they launch with everyone Else that said the 1.5% fee will act as A repellent another fascinating subplot As Helen Parts pointed out in the Article Linked In the show notes the fee War isn't the only noteworthy addition

To the form s1s Black Rock for example Included some information about seeding Their spot Bitcoin ETF Black Rock stated That the trust bought 227.000 million so yesterday saw the Applicants filing their updated and Presumably final form s1s and fox Businesses Elena terret pointed out that It in theory means they are ready to Become the first spot Bitcoin ETFs in The US and it looks like tomorrow is the Day we find Out now although we saw almost all of The applicants submit their s1s there Was one missing and at the time of Recording this which is around 7:00 a.m. Eastern it still hasn't been submitted And that has raised some eyebrows the Crypto asset manager hash deex was part Of the 19 B4 amended form filings that We saw everybody submit on the 5th of January but they didn't submit their Updated s1s yesterday this has led to Speculation left and right but there is Potentially a crucial caveat hash deex Isn't like any of the other applicants For one key reason hhex isn't creating a New Financial product with the spot bit Coin ETFs but rather converting an Existing crypto's future ETF so it Stands to reason that the process will Be slightly different to that of black Rocks arcs and Van X for example with That difference in mind Bloomberg's ETF

Analyst James Safar tweeted that because They're not the same he's not going to Read too much into the absence of the Latest submission at least not yet what This could suggest however is a Potential delay in hash deex being Approved if we do indeed see the ETF Approvals tomorrow as expected right now Though we're not sure what's going on With hash deex but it could be Normal there was another story that Caught a lot of attention yesterday and I'm going to let our writer Turner right Introduce this one so with everything Going down with anticipation over the Spot Bitcoin exchange traded fund this Week SEC chair Gary gimler dropped a Thread on X just reiterating his same Line regarding risk to crypto Investments potential scams and so so Far it's had more traction on the social Media platform than almost anything else He's ever posted before at the time of Recording this that thread has 26.4 million views which is viral by Anyone's standards it isn't all that Long really it's hardly a thread so Let's just read it a thread some things To keep in mind if you're investing in Crypto assets number one those offering Crypto asset investment or Services may Not be complying with applicable law Including Federal Securities laws Investors in crypto asset Securities

Should understand they may be deprived Of key info and other important Protections in connection with their Investment number two investments in Crypto assets also can be exceptionally Risky and are often volatile a number of Major platforms and crypto assets have Become insolvent Andor lost value Investments in crypto assets continue to Be subject to significant risk and Number three fraudsters continue to Exploit the rising popularity of crypto Assets to lure retail investors into Scams these Investments continue to be Repl with fraud bogus coin offerings Ponzi and pyramid schemes and outright Theft where a project promoter Disappears with the Investor's money so I have two immediate reactions to this Thread the second of which is probably a Hot take firstly the timing of this Thread feels like a final Act of Defiance as gendler didn't get his way With the spot Bitcoin ETFs though we Can't say that for sure quite yet it Could look like a Victory lap if they Were all shockingly outright rejected Tomorrow the second knee-jerk reaction And this is the hot take is I don't Necessarily disagree with everything he Says obviously I'm saying it from the Perspective of a person who for years Has seen and deeply appreciated the Value ad of crypto and blockchain rather

Than being an opposer of it nevertheless It's a complicated and still fledgling Space that has had many hacks and scams As well as a lot of volatility and High-profile insolvencies they're just The facts crypto to my eyes is moving in The right direction and the negatives Both do not outweigh the positives and They do not lessen the value of crypto And blockchain but you'd be hard P to Claim that gendler's thread is just Wrong it's just with the context of who Is saying it it does raise the blood Pressure a little I guess the big Remaining question is why is he saying It now let me know what you make of all This tweet us on @ cointelegraph or Rbags okay let's take a break from the Spot Bitcoin ETF and SEC stuff and look At a story that is well I guess it's Still parenthetically related but Positive stuff for bitcoiners in December 2022 core scientific a large Bitcoin mining firm filed for bankruptcy Due to what Z Sun one of our writers Calls a combination of the crypto Winter Rising Energy prices increased mining Difficulty and a bad debt lent to crypto Firm Celsius so you could be forgiven For thinking that core scientific is Dead and buried at this point but they On in fact this icy Phoenix has risen From the frost and returned to solvency How well core scientific announced

Yesterday that they have closed a $55 Million Equity financing round core Scientific CEO Adam Sullivan said said As a result of this successful raise and Following full repayment of previously Drawn amounts on our dip data in Possession financing we are set to Emerge from chapter 11 in January with Enhanced liquidity and in a strong Position to continue executing our Growth plans so it appears that the once Doomed core scientific now has enough Money behind it to clear debts and move Forward which let's be honest would be Useful timing given the direction Bitcoin's price is quickly trending due To well you know what it's due to Right all the pieces are in place for Tomorrow the former SEC chair Jay Clayton said in an interview to CNBC Yesterday that he thinks the approval is Inevitable there's nothing left to Decide so not to be too for Brito Romano About it but here we go tomorrow you're Going to want to keep your eyes on or any of our socials For the breaking news on this we'll also Be going live on X as soon as the Announcement is made to discuss with Experts what happens next but actually Lot for today so consider yourself Informed thank you for listening to the Ryzen crypto podcast by coin Telegraph If you're enjoying these daily updates

Please make sure you let us know by Following subscribing or leaving a Review have a great day let's do this Again [Music] Tomorrow


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