Asset managers cut fees for European Bitcoin ETFs as competition grows
Asset management firms have cut fees on their Bitcoin exchange-traded funds (ETFs) in Europe by over 60% to compete with products now available to U.S. investors. In an interview with the Financial Times, Gary Buxton, Invesco head of ETFs for Europe, the Middle East and Africa, and Asia Pacific, said many ETF providers have lowered their fees on their spot Bitcoin ETFs in response to the competitive landscape in the U.S. market. Cathie Wood’s Ark Investment Management, initially indicating a 0.8% fee for its spot Bitcoin ETF, eventually launched with no fees for the first six months or until assets reach $1 billion. BlackRock‘s investors will pay 0.25%, with early investors accessing it at 0.12% for the first year until assets reach $5 billion. “The launch of spot bitcoin ETFs in the U.S. is helping the crypto market to evolve as the asset class continues to stake a claim for a place in client portfolios.” WisdomTree Europe head Alexis Marinof Executives ...