## [# Invesco, WisdomTree Cut Bitcoin ETP Fees as U.S. Price Clash Hits Europe](/sections/news/invesco-wisdomtree-cut-bitcoin-etp-fees-us-price-clash-hits-europe)
# Invesco, WisdomTree Cut Bitcoin ETP Fees as U.S. Price Clash Hits Europe
U.S. regulatory approval of 11 spot BTC ETFs on January 10 has triggered fierce competition.
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[By Theo Andrew](/contributors/theo-andrew)
Jan 22, 2024
Edited by: ETF.com Staff
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WisdomTree and Invesco became the latest issuers to slash fees on their physical bitcoin exchange-traded products (ETP) as they responded to the introduction of cheaper spot bitcoin ETFs in the U.S.
The U.S. financial services giants announced their cuts on Thursday.
First, Invesco [said](https://www.etfstream.com/articles/invesco-slashes-fee-on-physical-bitcoin-etp) it was cutting the TER on the Invesco Physical Bitcoin ETP (BTIC) from 0.99% to 0.39%, placing BTIC closer to Europe’s cheapest physical bitcoin ETP—the 21Shares Bitcoin Core ETP (CBTC)—which has a total expense ratio (TER) of 0.21%. Then asset manager WisdomTree cut the total expense ratio (TER) on the [WisdomTree Physical Bitcoin ETP](https://www.etfstream.com/etf-screener/BTCW) (BTCW) from 0.95% to 0.35%, as part of a wider fee reduction across eight of its crypto ETPs.
The moves followed nine days after the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETF applications, igniting a fierce competition on fees in Europe as issuers hope to capitalize on anticipated, increased institutional demand.
Gary Buxton, Invesco's head of EMEA and APAC ETFs and indexed strategies noted that prices of the "the newly-launched U.S. products were "considerably lower than those available on the existing European-domiciled bitcoin trackers."
"Such a fundamental change in the market dynamics in the U.S. will, naturally, impact the EMEA-based institutional and professional investors for whom our [Invesco Physical Bitcoin ETP](https://www.etfstream.com/etf-screener/BTIC) is intended. In light of this, we have chosen to reduce the fee on our EU domiciled Invesco Physical Bitcoin product."
The U.S.-listed Invesco Galaxy Bitcoin ETF (BTCO) has a TER of 0% for the first six months or up to $5 billion in assets, followed by a 0.30% fee.
## BTCW Undercuts BTIC
While WisdomTree's BTCW undercuts BTIC by four basis points (bps), it is still more expensive than Europe’s cheapest physical bitcoin ETP—the 21Shares Bitcoin Core ETP (CBTC)—which has a TER of 0.21%.
Fee reductions will also occur across WisdomTree’s Ethereum, Solana, Cardano and Polkadot ETPs as well as three crypto basket products.
**Chart 1: WisdomTree's crypto ETP fee cuts**
ETP nameTickerNew TEROld TER[WisdomTree Physical Bitcoin ETP](https://www.etfstream.com/etf-screener/BTCW)BTCW0.35%0.95%[WisdomTree Physical Ethereum ETP](https://www.etfstream.com/etf-screener/ETHW)ETHW0.35%0.95%[WisdomTree Physical Solana ETP](https://www.etfstream.com/etf-screener/SOLW)SOLW0.50%0.95%[WisdomTree Physical Cardano ETP](https://www.etfstream.com/etf-screener/ADAW)ADAW0.50%0.95%[WisdomTree Physical Polkadot ETP](https://www.etfstream.com/etf-screener/DOTW)DOTW0.50%0.95%[WisdomTree Physical Crypto Mega Cap Equal Weight ETP](https://www.etfstream.com/etf-screener/MEGA)MEGA0.40%0.95%[WisdomTree Physical Crypto Market ETP](https://www.etfstream.com/etf-screener/BLOC)BLOC0.70%1.45%[WisdomTree Physical Crypto Altcoins ETP](https://www.etfstream.com/etf-screener/WALT)WALT0.70%1.45%*Source: WisdomTree*
"The launch of spot bitcoin ETFs in the U.S. is helping the crypto market to evolve as the asset class continues to stake a claim for a place in client portfolios," said Alexis Marinof, head of Europe at WisdomTree.
Despite the reduction, BTCW is still more expensive than its U.S. counterpart.
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## ETF Issuers Lowered Fees
The WisdomTree Bitcoin Fund has a 0% fee for the first six months for up to $1 billion in assets, at which point TER will rise to 0.29%.
Multiple bitcoin ETF providers lowered their fees in the run-up to the SEC's approval, while also offering fee waivers as they vied for assets under management.
Europe’s [cheapest bitcoin ETP](https://www.etfstream.com/articles/fidelity-enters-crypto-space-with-europe-s-cheapest-bitcoin-etp) is the Valour Bitcoin Zero SEK (BTC0E) with a management fee of 0%, though this is synthetically replicated.
[Crypto ETPs saw inflows of $2.3 billion last year](https://www.etfstream.com/articles/bitcoin-fuels-strongest-yearly-inflows-for-crypto-etps-since-2021), up from $830 million in 2022—of which bitcoin made up 87% of new assets—boosted by investor sentiment surrounding a potential spot bitcoin ETF approval in the U.S.
[ Theo Andrew ](/contributors/theo-andrew)
Theo Andrew joined ETF Stream as a senior reporter in September 2021. He has over four years of investment writing experience spanning pensions and… [View Bio](/contributors/theo-andrew)
Related Topics [Bitcoin](http://www.etf.com/topics/bitcoin)
[Spot Bitcoin](http://www.etf.com/topics/spot-bitcoin)
[Invesco](http://www.etf.com/topics/invesco)
[WisdomTree](http://www.etf.com/topics/wisdomtree)
[Crypto](http://www.etf.com/topics/cryptocurrency)