A fee war has broken out among the asset managers hoping to launch spot bitcoin exchange traded funds in the US, even though the US regulator has not yet indicated whether it will allow the products to be sold.

BlackRock, the world’s largest fund manager, said in a regulatory filing on Monday that it would charge customers just 0.2 per cent of the net asset value of its fund for the first year or until its ETF hits $5bn in assets before rising to 0.3 per cent

Rival applicant Ark Investment Management, which had previously indicated it would charge 0.80 per cent of its bitcoin holdings, offered to waive fees for the first six months, or until its ETF’s assets reach $1bn. Thereafter its fee will be set at 0.25 per cent. Invesco likewise will waive fees for six months or the fund’s first $5bn before settling at 0.59 per cent.