According to CryptoPotato, European brokers are cutting spot Bitcoin ETF fees after Invesco and WisdomTree reduced theirs by over 60% on European BTC products. The move follows the recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) for major players like BlackRock, Fidelity, and Invesco, leading to a surge of new investment options for U.S. investors.
Gary Buxton, Invesco’s Head of ETFs for Europe, the Middle East, Africa, and Asia Pacific, said that the approval of spot Bitcoin ETFs resulted in an 'unprecedented supply of new products' for U.S. investors. The competition in the U.S. market has led to a wave of fee reductions, with multiple providers lowering fees as the market seeks a new balance between supply and demand. Consequently, the range of prices for spot Bitcoin ETFs in the U.S. is now 'considerably lower' than existing tracking products in Europe, according to Buxton.
In response to the changing market, WisdomTree and Invesco have proactively cut fees on their European-listed Bitcoin ETPs by over 60%. WisdomTree’s Physical Bitcoin ETP fees will decrease from 0.95% to 0.35%, while Invesco’s Physical Bitcoin ETP fees will drop from 0.99% to 0.39%. Both fee adjustments will take effect before the end of the month. WisdomTree Europe head Alexis Marinof commented on the impact of the launch of spot Bitcoin ETFs in the U.S., stating that it had 'captured a lot of attention in Europe.' Following the SEC’s decision, VanEck plans to intensify marketing efforts for its European crypto products. Martijn Rozemuller, CEO of VanEck’s European business, believes the SEC’s decision has increased investor interest in cryptocurrency and positively impacted the firm’s brand in Europe.
