Invesco and Galaxy Asset Management have reduced the fee on their spot Bitcoin exchange-traded fund (ETF) from 0.39% to 0.25%, the issuers announced on Monday.
This move brings the sponsorship fee for the Invesco Galaxy Bitcoin ETF (BTCO) in line with most other issuers. Only Ark and 21Shares, Bitwise and Franklin Templeton offer lower fees than their competitors.
Invesco said in the statement that it will continue to waive fees for the first six months or until assets reach $5 billion, the statement said.
The index provider had a slightly worse start to the ETF race than some other TradFi issuers of the same caliber, including BlackRock and Fidelity, both of which attracted around $2 billion in total volume in the first 11 days.
Since its launch, Invesco's Bitcoin Spot ETF has seen just over $280 million in inflows into its fund.
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