Bitcoin ETN Fee War Erupts After U.K. Lifts Retail Ban


$BTC exchange-traded note issuers slashed fees to 0.05% following the Financial Conduct Authority's decision to restore retail investor access. The Oct. 8 policy reversal sparked what the Financial Times described as a cut-throat battle for U.K. market dominance.


Several providers reduced their annual charges to historic lows while other #crypto-linked ETNs continue to charge up to 2.5%. 21Shares cut its Core Bitcoin and Ethereum Core Staking ETPs to 0.1%, and Fidelity's Physical #Bitcoin ETP now charges 0.25%.


CoinShares' Physical Staked #Ethereum ETP currently carries no management fee. The competitive pricing follows the FCA's reversal of its 2021 ban that previously limited crypto-linked funds to professional traders only.


Ian Taylor, board adviser at CryptoUK, welcomed the regulatory shift when speaking to media outlets. He highlighted progress toward introducing a more proportionate approach to consumer risk in the digital asset space.


The rule change forms part of broader efforts to revive the United Kingdom's position in global crypto adoption. Industry participants recently pushed back against Bank of England proposals to impose strict corporate holding limits on stablecoins.


The BoE is now reconsidering its stance amid concerns that the United States is advancing faster following passage of the #GENIUSAct. Governor Andrew Bailey has moderated his tone after earlier warnings about private #stablecoins threatening financial stability.


Bailey acknowledged the technology's potential for innovation and its expanding role within the financial system. The U.K.'s regulatory adjustments aim to balance consumer protection with competitiveness in the evolving digital asset market.

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October 30, 2025 at 10:11 PM
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