Ark Investments sets 0.80% fee for proposed spot bitcoin ETF

FILE PHOTO: A representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - ARK Investment Management led by Cathie Wood, and Swiss cryptocurrency manager 21Shares, plan to charge a fee of 0.80% on their proposed ARK 21Shares Bitcoin exchange-traded fund (ETF) if cleared by regulators, according to a U.S. Securities and Exchange Commission (SEC) filing.

Since 2021, the SEC has rejected multiple applications to issue spot bitcoin ETFs, arguing that the cryptocurrency market is vulnerable to manipulation.