Summary
Invesco Galaxy has reduced the fee for its bitcoin ETF, BTCO, to 0.25% for the first six months or first $5 billion of assets. This puts it in line with other major bitcoin ETFs, such as BlackRock, Valkyrie, VanEck, and Fidelity. Franklin Templeton’s bitcoin ETF, EZBC, currently has the lowest fee of the group at 0.19%, but this fee is waived until Aug. 2, 2024 or $10 billion in assets. Invesco has also lowered the fee for its physical bitcoin ETP in Europe from 0.99% to 0.39%. Grayscale’s bitcoin ETF has seen the highest outflows, with investors shifting nearly $5 billion to other spot bitcoin ETFs with lower fees. Analysts suggest that the hype around bitcoin ETFs may be abating, leading to a more normalized flow environment.
Key Points
1. Invesco Galaxy has reduced the fee for its bitcoin ETF, BTCO, to 0.25%, bringing it in line with other major issuers like BlackRock, Valkyrie, VanEck, and Fidelity. This fee reduction is applicable for either the first six months or the first $5 billion of assets.
2. Franklin Templeton’s bitcoin ETF, EZBC, currently has the lowest fee among the group at 0.19%. However, this fee reduction is only in place until Aug. 2, 2024 or until the fund reaches $10 billion in assets.
3. Invesco has also lowered the fee for its physical bitcoin ETP in Europe from 0.99% to 0.39%, showcasing the firm’s efforts to remain competitive in the market.