Spot bitcoin ETF applicants are racing to the bottom with fee schedules for their proposed funds as they seek to pick up market share in the first few months — if such exchange-traded funds are approved.

Multiple applicants, including BlackRock, Fidelity, and VanEck, filed amended S-1 forms today — some revealing their proposed fees for the first time. Others have revised their fees in light of the competition.

Leading the pack is Ark/21Shares, which has offered zero fees for the first six months or until the fund has $1 billion in assets. Once that's over, its fee will be 0.25%, the joint lowest among the pack. This is substantially lower than its originally suggested fee of 0.8%.

Coming in second is BlackRock, offering fees as low as 0.2% for the first 12 months or until the fund …