A well-known financial firm, Franklin Templeton’s Bitcoin exchange-traded fund (ETF) has become the most affordable among newly launched products on U.S. exchanges.
The San Mateo-based firm slashed the annual fee for its ETF (EZBC) from 0.29% to 0.19%, surpassing Bitwise, previously the cheapest with a 0.2% fee. Franklin Templeton will also waive fees until August 2, 2024, or until the fund reaches $10 billion in assets under management (AUM).
The move follows other providers swiftly adjusting fees in anticipation of a market share battle after ETF approvals. On its debut day, Bitcoin ETFs collectively traded $4.6 billion, with Franklin Templeton contributing $65 million.
This fee reduction positions Franklin Templeton as a formidable competitor among industry leaders like Grayscale, BlackRock, and ARK 21 Shares. The development is seen as a crucial step for broader investor adoption of Bitcoin ETFs, hailed as a catalyst for market growth.
Notably, Grayscale dominated the first day of trading, recording over $4 billion in trading volumes across 11 Spot Bitcoin ETFs, signalling a positive reception from the market.
Franklin Templeton’s significant fee reduction positions its Bitcoin ETF as a strong contender, fostering healthy competition and indicating growing market interest in cryptocurrency investment products.
Also Read: Franklin Templeton-Backed Firm Plans Bitcoin Security Product
