Invesco Galaxy lowers bitcoin ETF fee to match BlackRock, Fidelity 

Invesco Galaxy lowered BTCO’s fee from 0.39% to 0.25%


Invesco Galaxy has dropped the fee for its bitcoin ETF, which trades under the ticker BTCO. 

The ETF is waiving its fee for either the first six months or first $5 billion of assets. The fee now stands at 0.25% — in line with BlackRock, Valkyrie, VanEck and Fidelity — down from 0.39%. 

Fees quickly became a way for bitcoin ETF issuers to stand out from the pack even before the Securities and Exchange Commission officially gave them the green light

Franklin Templeton’s bitcoin ETF, which trades under EZBC, has the lowest fee of the group at 0.19%. It also, however, has a waiver in place until Aug. 2, 2024 or $10 billion in assets. 

Loading Tweet..

Outside of the US, Invesco also lowered the fee for its physical bitcoin ETP from 0.99% to 0.39%. The ETP is one of the firm’s European offerings. 

Read more: Low US spot bitcoin ETF fees spark ongoing price decreases in Europe

Earlier this month — before the official launch of the ETFs — Nate Geraci, president of The ETF Store, said that investors were the “clear winners” of the bitcoin ETF race

He told Blockworks in early January that the number of issuers with low fees “speaks to how brutally competitive this category will be.”

Competitiveness does seem to be at play when looking at the group’s flows. Since launch, Grayscale’s bitcoin ETF has had the highest number of outflows — topping nearly $5 billion. GBTC’s fee is the highest of the bunch at 1.5%

Last week, JPMorgan analysts estimated that $1.3 billion had shifted from GBTC to other spot bitcoin ETFs with lower fees.

The next highest fee, in comparison, is WisdomTree’s at 0.30%. 

Since launch, bitcoin ETFs have seen a high number of outflows. However, JPMorgan analysts said that the group saw roughly $15 million of net sales on Friday. 

“As we’ve been seeing transaction volumes slowing this past week, we think we are perhaps seeing indication of the hype around these ETFs abating and entering a perhaps more normalized flow environment,” analyst Kenneth Worthington wrote in a Monday note. 

VanEck’s crypto research head Matthew Sigel told Blockworks last week that the flows remained in line with the projections from his firm. 

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.


StarkWare takes a step towards making StarkNet for Bitcoin


The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year