BlackRock set a fee of 0.30%, while VanEck disclosed plans to charge a 0.25% fee. ARK 21Shares Bitcoin ETF also lowered its planned fee to 0.25% from 0.80% earlier.

Notably lower than those charged by some peers, the fees deepen competition among several participants vying for a slice of the spot bitcoin ETF market.

The race has pitted crypto companies such as Grayscale Investments against traditional finance heavyweights including BlackRock.

Hopes of an imminent approval of the investment vehicle have propelled the price of bitcoin and helped shore up confidence in the industry that was rattled by the FTX meltdown in November 2022.

The race for cryptocurrency ETFs started last year after digital asset manager Grayscale won a hard-fought legal battle against the Securities and Exchange Commission (SEC).

A federal appeals court ruled in August that the regulator was wrong to reject Grayscale's application for a spot bitcoin ETF.

Prior to the ruling, the SEC had rejected dozens of such proposals, saying they did not meet anti-fraud and investor protection standards.

Through these ETFs, investors can get exposure to bitcoin without directly holding it. Getting a stamp of approval from the markets regulator could also help the most popular cryptocurrency find favor with institutions, which sometimes avoid dabbling in bitcoin directly due to regulatory concerns.

Grayscale set a fee of 1.5% on Monday, higher than peers.