Fidelity Investments and Galaxy/Invesco, the issuers of two proposed spot Bitcoin exchange-traded funds (ETFs), have started setting the fees that they will charge if their funds are approved.

Bitcoin mining firm CleanSpark is reportedly getting ready to launch its own trading desk this year as it looks to enhance the profitability of its substantial Bitcoin holdings.

The Executive Chairman of Nasdaq-listed business intelligence firm MicroStrategy (MSTR), Michael Saylor, has initiated the sale of $216 million in stock options, according to a filing with the U.S. Securities and Exchange Commission (SEC).

Top stories in the Crypto Roundup today:

• Fidelity and Galaxy Set Fees for Proposed Spot Bitcoin ETFs
• Bitcoin Miner CleanSpark to Launch In-House Trading Desk
• MicroStrategy’s Saylor to Sell $216 Million in Stock Options for Personal Obligations and More BTC

Fidelity and Galaxy Set Fees for Proposed Spot Bitcoin ETFs

Fidelity Investments and Galaxy/Invesco, the issuers of two proposed spot Bitcoin exchange-traded funds (ETFs), have started setting the fees they will charge if their funds are to be approved.

Fidelity’s Wise Origin Bitcoin Trust will charge investors a 0.39% annual fee, while Galaxy/Invesco's BTCO fund will have a slightly higher fee of 0.59%, with a six-month waiver at the start, according to data from a December 29 court filing.

Moreover, Jane Street Capital has been designated as the “authorized participant” for the Bitcoin ETFs from Fidelity, WisdomTree, and Valkyrie. The role allows Jane Street to manage price disparities between the funds’ shares and Bitcoin.

Valkyrie has also partnered with Cantor Fitzgerald as a second authorized participant, while Galaxy/Invesco and BlackRock are working with both JPMorgan and Virtu.

Instead of buying and depositing Bitcoin into the funds, authorized participants will use cash to create and redeem ETF shares. The fund will then use the cash to buy BTC, in what is the preferred method of the U.S. Securities and Exchange Commission (SEC), which does not want broker-dealers to deal with Bitcoin.

Bitcoin Miner CleanSpark to Launch In-House Trading Desk

Bitcoin mining firm CleanSpark is reportedly getting ready to launch its own trading desk this year as it looks to enhance the profitability of its substantial Bitcoin holdings.

The firm’s CEO, Zachary Bradford, has said that it “makes financial sense” to manage its “large Bitcoin balance” in-house. The strategy mirrors that of several other Bitcoin miners, which have leveraged derivatives like options to monetize their Bitcoin reserves.

Marathon Digital Holdings, for example, has sold Bitcoin call options contracts on its Bitcoin holdings to generate income. These call option gives the buyer of the contracts the right to purchase the underlying asset at a specific price on a specific date.

CleanSpark held 2,575 BTC valued at around $100 million as of November and to Bradford managing its own trading desk means it can generate additional revenue on its Bitcoin holdings with its own risk profile and expertise.

The firm plans to rely on regulated cryptocurrency instruments like options contracts at the CME.

MicroStrategy’s Saylor to Sell $216 Million in Stock Options for Personal Obligations and More BTC

The Executive Chairman of Nasdaq-listed business intelligence firm MicroStrategy (MSTR), Michael Saylor, has initiated the sale of $216 million in stock options, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The move involves the proposed sale of 310,000 stock option awards granted in 2014 that are set to expire in April. During MicroStrategy's third-quarter earnings call, Saylor announced his intention to sell around 5,000 shares daily over the next four months, conditional on the stock reaching a certain minimum price.

The plan was first mentioned in the quarter's 10-Q filing, highlighting Saylor's potential sale of up to 400,000 shares from his vested options by April 26.

Saylor explained that executing the option wouldallow him to “address personal obligations as well as acquire additional bitcoin (BTC) to my personal account.” He noted that he remains optimistic about the firm and that his “equity stake in the company after these sales will remain very significant.”

MicroStrategy is currently the largest corporate holder of Bitcoin with around 189,000 BTC in its treasury.

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