LONDON, UK, Monday, February 27, 2024 – Fidelity International, a leading asset manager, announced a significant reduction in the fee associated with its European Bitcoin Exchange-Traded Product (ETP) on Tuesday, joining a growing trend in the European crypto ETP market.1
The Fidelity Physical Bitcoin ETP (FBTC) will now have a total expense ratio (TER) of 0.35%, down from its previous rate of 0.75%. This move comes amid intensifying competition among European crypto ETP providers, who are slashing fees to attract institutional investors increasingly interested in gaining exposure to bitcoin.
Fidelity joins a growing list of asset managers, including Invesco, WisdomTree, and CoinShares, who have recently implemented similar fee reductions on their bitcoin ETP offerings in Europe.
The revised fees position FBTC closer to the cost of Europe’s cheapest physical bitcoin ETP, the 21Shares Bitcoin Core ETP (CBTC), with a TER of 0.21%.
However, it is important to note that the cheapest overall bitcoin ETP in Europe remains the Valour Bitcoin Zero SEK (BTC0E), with a management fee of 0%.
The BTC0E is a synthetic ETP, meaning it does not hold the underlying bitcoin asset directly.
