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Invesco Cuts Bitcoin ETF Fee In a Bid to Lure Investors
The asset manager previously had one of the highest fees of 0.39% for its bitcoin ETF.
Invesco and Galaxy Asset Management have lowered the fee of its spot bitcoin exchange-traded fund (ETF) to 0.25% from 0.39%, the issuers announced Monday.
The move puts the sponsor fee for the Invesco Galaxy Bitcoin ETF (BTCO) in line with that of most fellow issuers. Only Ark and 21Shares, Bitwise and Franklin Templeton offer lower fees versus their peers.
STORY CONTINUES BELOW
This is what the fee table looks like now: pic.twitter.com/LPvd6YwGWJ
— James Seyffart (@JSeyff) January 29, 2024
Invesco said it will continue to waive fees for the first six months or until it reaches $5 billion in assets, according to the statement.
The index provider has had a slightly worse start to the ETF race than some other TradFi issuers of the same caliber, including BlackRock and Fidelity, which both attracted roughly $2 billion in total volume in the first 11 days.
Since its inception, Invesco's bitcoin spot ETF has only seen a little over $280 million in inflows into its fund.
Helene Braun
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
