Franklin Templeton has slashed the fees for its Bitcoin ETF (EZBC). The recent reduction, disclosed in a filing with the Securities and Exchange Commission (SEC) on Friday, makes Franklin Templeton’s offering the most affordable among the newly introduced investment products on U.S. exchanges.
The San Mateo, California-headquartered investment giant has lowered the fee for its Bitcoin ETF from 0.29% to an impressively low 0.19%. This significant 10 basis-point reduction now places Franklin Templeton at the forefront, surpassing Bitwise, which charges a slightly higher 0.2%. Moreover, as an added incentive, Franklin Templeton has committed to waiving off fees for its ETF until the fund reaches assets under management (AUM) of $10 billion, valid until August 2, 2024.
This move comes in the wake of various providers revealing their fee structures earlier in the week, triggering a swift response across the industry to adapt to the anticipated competition for market share once the Bitcoin ETFs were officially approved.
On Thursday, the debut day for these new investment products, Bitcoin ETFs collectively recorded an impressive $4.6 billion in trading volume. Franklin Templeton, contributing around $65 million to this total, showcased its immediate impact on the market.
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In a landscape where every basis point counts, Franklin Templeton’s strategic fee reduction not only positions its Bitcoin ETF as an attractive investment option but also signals the fierce competition and ongoing adjustments within the rapidly growing cryptocurrency market. Investors now have access to a more cost-effective entry point into the world of Bitcoin ETFs, thanks to Franklin Templeton’s commitment to affordability and market leadership.
