The Franklin Templeton product currently has the lowest fees at 19 basis points
It’s been a little More than a day since 11 spot Bitcoin ETFs began trading in the US, following approval from the Securities and Exchange Commission. Although the initial volume was larger than some expected, some authorized issuers are taking additional steps to ensure their product stands out from the pack.
On Thursday, Franklin Templeton’s Bitcoin ETF ranked sixth out of 11 funds in terms of first-day trading volume with $65.45 million by the end of the day.
But the company wants more. By Friday, the company had reduced its fees from 29 basis points to 19 basis points, making it the lowest post-cession fee across all Bitcoin ETFs, 0.01% lower than Bitwise’s 0.2% fee. (Note: A number of issuers, including Franklin, are waiving fees for a limited time.) The highest fees are 1.5% for Grayscale’s Bitcoin Trust.
There is reason to believe that spot bitcoin ETFs and other related products that may come to market will see strong demand over time, and major investment houses want a piece of the action. “People are waking up to this new type of investment ecosystem,” said Sandy Cole, head of digital assets and industry advisory services at Franklin Templeton. “We have seen a clear expansion of interest from our customer base over the past 12 to 18 months.”
The first day of trading saw $2.3 billion in trading volume across all products, Eric Balchunas, Bloomberg ETF’s chief analyst, posted on X. It brought in an additional $2.3 billion in preexisting funds from Grayscale’s GBTC fund, which was converted into Bitcoin traded on Wednesday, 11 total issuers to $4.6 billion.