- Invesco and WisdomTree have initiated a fee-cutting race on Bitcoin
exchange-traded products (ETPs) listed in Europe.
- Following the approval of Spot Bitcoin ETFs in the U.S., a fierce fee war has kicked off among leading players in the European market.
- Alexis Marinof, President of WisdomTree Europe, mentioned that the launch of Spot Bitcoin ETFs in the U.S. has caught the attention of European investors.
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Eyes Turn to Europe After the Spot Bitcoin ETF Race in the U.S.: Investment firms Invesco and WisdomTree are taking action!
Invesco and WisdomTree Take Action in Europe
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As a strategic response to the recent approval of Spot Bitcoin ETFs in the U.S., financial giants Invesco and WisdomTree have initiated a fee-cutting race on Bitcoin exchange-traded products (ETPs) listed in Europe. This development signals a significant change in the dynamics of the cryptocurrency market, triggering a race to attract investors with more competitive offers.
Moreover, this move indicates that both companies are prepared to navigate the changing landscape and are gearing up for a competition for supremacy. Following the approval of Spot Bitcoin ETFs in the U.S., a fierce fee war has kicked off among leading players in the European market.
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In response to the lower-priced U.S. products, Invesco and WisdomTree have cut fees on European-listed Bitcoin ETPs by over 60%. This latest move came as a response to the increasing options for U.S. investors, including approvals from BlackRock and Fidelity.
According to a report by FT, Gary Buxton, Deputy Head of ETFs for Europe, the Middle East, Africa, and Asia Pacific at Invesco, acknowledged this extraordinary change. Gary Buxton specifically stated, “The resulting range of fees is significantly lower than existing tracker products in Europe.”
Invesco and WisdomTree in the Spotlight
Invesco made its Invesco Physical Bitcoin ETP (BTIC) the most cost-effective Bitcoin ETP in Europe by significantly reducing the Total Expense Ratio (TER) to align with the 21Shares Bitcoin Core ETP. It lowered the TER of BTIC from 0.99% to 0.39%.
Simultaneously, WisdomTree made a similar move by reducing the TER for the WisdomTree Physical Bitcoin ETP (BTCW) from 0.95% to 0.35%. However, despite this decrease, BTCW remains slightly more expensive than its U.S. counterpart. Meanwhile, Alexis Marinof, President of WisdomTree Europe, mentioned that the launch of Spot Bitcoin ETFs in the U.S. has caught the attention of European investors.
It is important to note that both companies are strategically adapting to the changing market dynamics, acknowledging the impact of U.S. developments on European institutional and professional investors. Additionally, Invesco commits to not charging fees for its U.S. product for the first six months or until it reaches $5 billion, after which it will charge a 0.39% fee.
As the fee war for Bitcoin ETFs opens up, the cryptocurrency market is going through a transformative phase. The entry of lower-fee U.S.-based ETFs has prompted European players to readjust their strategies.
In other words, Invesco and WisdomTree have taken proactive measures to offer more attractive investment options to stay ahead in a competitive scenario. Moreover, this fee war marks a critical moment in the evolution of the cryptocurrency, where investors will benefit from resulting price adjustments and increased product options.