CoinShares Cuts Physical Bitcoin ETP Management Fee to 0.35%, Strengthens European Competitive Edge
Posted: Jan 25, 2024 6:16 AM Updated: Jan 25, 2024 6:16 AM
Correction and fact check date: January 25, 2024, 6:16 AM
briefly
CoinShares announced a reduction in management fees for the CoinShares Physical Bitcoin ETP, effective February 1st.
CoinShares, a European alternative asset management company specializing in digital assets, has announced a reduction in management fees for CoinShares’ physical Bitcoin exchange-traded products (ETPs). This adjustment takes effect from February 1 and reduces the management fee from 0.98% per annum to a competitive 0.35% per annum.
This reduction aims to position CoinShares Physical Bitcoin ETP as the most accessible physically backed Bitcoin ETP within the European market.
“This fee reduction reaffirms our commitment to leading the market in innovation and competitiveness. Our goal is to ensure that our products, including CoinShares’ physical Bitcoin, are not only of the highest quality, but also the most accessible to investors across Europe,” Frank Spiteri, head of asset management at CoinShares, said in a written statement. .
By implementing reduced fees, CoinShares aims to increase accessibility for a wide range of investors to participate in digital assets through regulated products.
The company is also committed to innovation in digital asset investing, setting new value-driven standards by lowering annual management fees to 0% and distributing staking rewards to investors through its staking cryptocurrency ETP. Asset Management.
“This pricing structure makes investing in Bitcoin cryptocurrency ETPs through CoinShares a more economical choice than purchasing Bitcoin on many mainstream cryptocurrency platforms,” Frank Spiteri, head of asset management at CoinShares, said in a written statement. “This will happen,” he said.
Founded in 2013, CoinShares focuses on the cryptocurrency sector, providing a variety of financial services including investment management, trading, and securities to corporations, financial institutions, and individuals.
The company is headquartered in Jersey and has additional offices in France, Sweden, Switzerland, the United Kingdom and the United States. CoinShares is publicly traded under the ticker CS on Nasdaq Stockholm and the ticker CNSRF on OTCQX.
European Investment Firm Significantly Cuts Fees Following SEC’s Approval of Bitcoin ETF
The recent approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) and their listing on local exchanges attracted great attention in Europe. However, EU investors have been able to gain exposure to similar products through physically backed exchange traded products (ETPs) since 2019.
As a result, companies offering investment products to European markets have begun lowering their fees with the intention of remaining competitive with those of American firms, including BlackRock and Ark Investment Management.
Recently, investment management firm Invesco and global ETF provider WisdomTree also implemented significant fee cuts of over 60% for their European Bitcoin products.
These adjustments affected the $325 million WisdomTree Physical Bitcoin ETP, which lowered fees from 0.95% to 0.35%, and the $137 million Invesco Physical Bitcoin ETP, which lowered fees from 0.99% to 0.39%. These fee reduction announcements come in quick succession and are expected to take effect before the end of January.
By lowering its fees, CoinShares plans to position itself as a leader in digital asset investing, providing investors with competitive options in the European market.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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