BlackRock and Fidelity previously said U.S. Securities and Exchange Commission staff advised them to file final revisions by Wednesday, and that the applications could go into effect as soon as Monday, meaning they could essentially be approved and begin trading on Tuesday.

In the filings, potential issuers disclosed the final details of their fund structures, including management fees, which will become especially important when investors choose which spot bitcoin ETF to invest in when they launch earlier in the year. Experts said the fee war for this launch round will be similar to the competitive environment back then, when issuers lowered their fees to compete with other funds.

One similarity so far is Grayscale’s distance from its competitors. The asset manager decided to charge 2.5% on its core product, a significantly higher fee than others. However, the Mini Ethereum Trust is set at 0.25%, in line with the others.

“I don’t know what Grayscale’s strategy is here,” Scott Johnson, an industry commentator, said in a post on X. “It seems like they started with the right idea, then somewhere along the line things went south. Investors who sold ETHE probably won’t be charitable with your mid-priced mini option after you squeezed them with a 10x higher fee and forced them to realize their gains.”

“Honestly, they may have screwed themselves worse than GBTC. I didn’t think it was possible,” he wrote, referring to the Grayscale Bitcoin Trust (GBTC) experiencing multibillion-dollar outflows since it was converted into an ETF in January.

BlackRock and Fidelity will also charge 0.25%, while 21Shares will set its fee at 0.21%. Bitwise, VanEck and Invesco Galaxy will be on the lower end of the 0.2% spectrum, while Franklin Templeton will demand 0.19%.

ProShares had not filed an amendment disclosing its fee by press time. The SEC also on Wednesday approved forms 19b-4 for applications from Grayscale to launch a mini ethereum exchange product and ProShares to launch a spot ethereum ETF.

Both companies are working with NYSE Arca as the exchange partner, which will actually list the products. The SEC had previously cleared a procedural hurdle in late May by approving forms 19b-4 from NYSE Arca, Cboe and Nasdaq for various applications for spot ether ETFs, giving the strongest indication yet that it would eventually approve spot ether ETF applications. .

The timing of Wednesday’s 19b-4 approvals suggests Grayscale and ProShares may launch their products at the same time as other applicants. Industry sources previously told CoinDesk that they expect these products to launch next Tuesday.

If Grayscale can launch its mini ether ETF on Tuesday, it will do so before it receives approval to launch a mini bitcoin ETF. The company filed to launch a mini bitcoin ETF in April and announced earlier this year that it would charge a 0.15% fee, compared to 0.25% for its mini ether product.