Invesco and Galaxy Asset Management have fired the latest round of shots in the spot Bitcoin ETF fee battle, amidst a crowded field.
A statement from the two companies said that the Invesco Galaxy Bitcoin ETF (ticker BTCO) will eventually have a cost ratio of 0.25%, which is a decrease from the previous 0.39%. Until the fund’s assets reach $5 billion, or for the first six months, no fees are charged.
It’s the most recent action in the fee war that has already been formed in this emerging business, with issuers cutting their prices even before the US authorities approved the debut of spot Bitcoin ETFs earlier this month.
Due to their strong distribution capabilities, industry titans BlackRock Inc. and Fidelity have distinguished themselves from the competition, bringing in a combined $4 billion in investments, or nearly 70% of all spot Bitcoin ETF inflows. At present, BTCO has amassed over $283 million, placing them in fifth position.
BTCO isn’t the most affordable spot Bitcoin ETF available on the market, despite the cost reduction on Monday. Out of all the spot-Bitcoin exchange-traded funds, Franklin Templeton’s fund has the lowest post-waiver fee ratio (0.19%).
Monday’s 2.8% surge in BTCO shares was mirrored by a corresponding rise in the price of Bitcoin.
