BlackRock and Ark Investment Management cut fees for their planned spot Bitcoin exchange-traded fund (ETF)。BlackRock's iShares Bitcoin Trust Fees From 0.30% down to 0.25%, while the fees for the Ark 21Shares Bitcoin ETF increased from an initial 0.25% down to 0.21%。

Shortly after BlackRock and Ark filed revised filings with regulators, a false message briefly surfaced on social media accounts of the Securities and Exchange Commission (SEC), falsely claiming that the long-awaited spot Bitcoin ETF had been approved.。

Still, most issuers remain optimistic that the SEC may approve the fund soon, with trading expected to begin as early as the morning of the 11th, Reuters reported.。

BlackRock vying for market share with Ark

The move sparked an unprecedented fee battle that occurred even before the SEC approved the investment products.。Both BlackRock and Ark have shown a sense of urgency to get a piece of the expected inflows。

Although the fake approval announcement has generated a lot of buzz on social media, the SEC is poised to make a decision on the applications of Ark and 21Shares, which could pave the way for a change in the cryptocurrency landscape.。

Optimism Amid Social Media Turmoil

Several asset managers, including Fidelity and VanEck, have submitted applications to list Bitcoin ETFs.。If approved, these ETFs would be a major milestone for Bitcoin, enabling institutional and retail investors to access the cryptocurrency without directly holding it.。

Despite the SEC's silence on its decision, industry insiders expressed confidence earlier this week that Ark, 21Shares and other pending applications were expected to receive a favorable ruling, Reuters reported.。

On Tuesday, an unauthorized post appeared on the SEC's social media accounts falsely claiming that all Bitcoin ETF products were approved.。This misinformation caused a shock across the industry, triggering fluctuations in the price of Bitcoin。However, industry insiders are optimistic that U.S. regulators will still approve the funds.。

Ben Zhou, co-founder and CEO of Bybit, said: "The approval of the Bitcoin ETF is not just about launching new investment products, it is also a beacon for Bitcoin to mature as an asset class and a testament to the cryptocurrency community's tireless efforts to meet and exceed regulatory standards.。This historic approval marks a leap to mainstream applications and more investment areas, heralding an exciting future where digital assets stand shoulder to shoulder with traditional assets.。"