Bitcoin ETF

Galaxy

Spot

<p>Amid strong demand and inflows continuing in spot Bitcoin ETFs, issuers have escalated the fee war. On Monday, January 29, Investco and Galaxy Digital announced the reduction in their spot Bitcoin ETF fees by 35% from 39 bps to now at 25 bps.</p>
<h3 id="fee-war-escalates-among-spot-bitcoin-etf-issuers">Fee War Escalates Among Spot Bitcoin ETF Issuers</h3>
<p>As per the latest statement, the expense ratio for the Invesco Galaxy Bitcoin ETF&nbsp; (BTCO) will be reduced to 0.25%, down from its previous rate of 0.39%. The fund will waive its fees for the initial six months or until it accumulates $5 billion in assets, whichever comes first.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">We have <a href="https://twitter.com/InvescoUS?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@InvescoUS</a> &amp; <a href="https://twitter.com/galaxyhq?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@galaxyhq</a> cutting the long term fee on their <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF from 39 bps to 25 bps.</p>
 <p>(Yes they have the fee waiver to 0% for first 6 months or $5 billion in assets). Story from <a href="https://twitter.com/emily_graffeo?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@emily_graffeo</a> &amp; <a href="https://twitter.com/kgreifeld?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@kgreifeld</a> <a href="https://t.co/Erk2NU9kVF" rel="noopener noreferrer nofollow">pic.twitter.com/Erk2NU9kVF</a></p>
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1752086505542099335?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This move adds to the existing trend of issuers lowering costs in the emerging industry, even preceding the approval of spot Bitcoin ETFs by US regulators earlier this month. Notable industry players like <a href="https://coingape.com/bitcoin-eyes-42k-surge-as-blackrocks-ishares-products-head-sees-etf-impact/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a> Inc. and Fidelity, leveraging their extensive distribution networks, have surged ahead.</p>
<p>Together, they have amassed around $4 billion in combined investor inflows, constituting approximately 70% of total spot Bitcoin ETF inflows. In comparison, BTCO currently holds the fifth position with an approximate haul of $283 million. These massive inflows in Bitcoin ETF continue while the GBTC registers a <a href="https://coingape.com/gbtc-outflows-slow-down-under-200-million-a-day-btc-price-shoots/" target="_blank" rel="noopener noreferrer nofollow">drop in net outflows</a>.</p>
<p>Despite the fee reduction on Monday, BTCO doesn’t claim the title of the cheapest spot Bitcoin ETF available. Franklin Templeton’s fund boasts a post-waiver expense ratio of 0.19%, making it the most economical among spot Bitcoin ETFs. On Monday, BTCO’s shares experienced a 2.8% increase, mirroring the <a href="https://coingape.com/bitcoin-price-rebounds-above-43000-whats-driving-the-rally/?utm_source=24hrsupdatebitcoin" target="_blank" rel="noopener noreferrer nofollow">surge in Bitcoin price</a>.</p>
<h3 id="bitcoin-price-jumps-170-000-in-sight">Bitcoin Price Jumps, $170,000 In Sight</h3>
<p>The recent developments have served as a catalyst to the Bitcoin price with some analysts predicting a surge to $50,000 before the Bitcoin halving. Some of the market veterans are very bullish for Bitcoin post the halving in April 2024.</p>
<p>Anthony Scaramucci, the founder of SkyBridge Capital, anticipates that the next Bitcoin (BTC) halving will propel the cryptocurrency’s price to $170,000 per coin. This projection is grounded in Bitcoin’s historical pattern of reaching new all-time highs after each halving, which occurs approximately every four years and reduces the rate at which new BTC is generated by half. Speaking on the Scott Melker <a rel="noopener noreferrer nofollow" href="https://twitter.com/scottmelker/status/1751224390123946473" target="_blank">podcast</a> last week, Scaramucci said:</p>
<p>“Go back and look at Bitcoin halving cycles. The day that Bitcoin halves, multiply it by four [and] 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”</p>
<p>The post <a href="https://coingape.com/fee-war-invesco-and-galaxy-digital-slash-bitcoin-etf-fee-by-35-to-0-25-bps/" rel="noopener noreferrer nofollow">Fee War: Invesco and Galaxy Digital Slash Bitcoin ETF Fee by 35% to 0.25 BPS</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Fee War: Invesco and Galaxy Digital Slash Bitcoin ETF Fee by 35% to 0.25 BPS

Table of Contents

Coingape News Media

Other articles published on Jan 30, 2024

Why Experts Tip Ethereum Classic and Pushd Presale for Investment Over Cardano

Latest Market Overview 29th Jan: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE

Chainlink: Can 7% Pump Trigger New Wave of Bullish Gains?

Abracadabra Money in Crisis as $6.5 Million Crypto Theft Sends Shockwaves Across DeFi Community

The scramble continues as investors from Polygon (MATIC) & Cardano (ADA) pour into Pushd (PUSHD) ...

Crypto Fund Outflows Hit $500 Million Last Week, But Grayscale Bitcoin ETF Bleed Slows

Join our free newsletter for daily crypto updates!