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‘High demand’ sees Global X slash fees on crypto ETFs

Patrick Buncsi21 June 2024
Crypto ETF Global X

Global X ETFs has announced a more than halving of its annual management fees on its Australian-listed Bitcoin ETF (EBTC) and Ethereum ETF (EETH) from next month.

Both Australian-listed cryptocurrency products will see a reduction from 1.25% to 0.59% per annum.

Global X chief executive Evan Metcalf said the fee reduction comes amid increased demand for cryptocurrency investments in Australia.

Last month, Global X’s EBTC set a record high of AU$118million in assets under management (AUM), recording consistently “robust inflows”.

The ETF investment specialist boasts the first spot cryptocurrency ETF offering across both Australia and the Asia Pacific region, launching its first spot Bitcoin and Ethereum ETFs in 2022.

The EETH also remains the only spot Ethereum ETF available in Australia.

“As the first product provider to introduce both spot Bitcoin and Ethereum ETFs in Australia, Global X is committed to the long-term opportunity that Bitcoin and other crypto assets provide to investors as part of a diversified portfolio,” Metcalf said.

He added, “Global X welcomes new players within the ETF market and is dedicated to ensuring our products are competitively priced.

“As part of this commitment, we are pleased to offer a competitive management fee to Australian investors, providing an attractive opportunity for those looking to include cryptocurrency in their portfolios.”

According to Metcalf, the “robust inflows” for both EBTC and EETH, reflect investors’ “optimism and growing interest in digital assets in the longer term”.

“Naturally, as investors are presented with more choice in the market, we anticipate this will further drive demand.”

EBTC and EETH track the performance of Bitcoin and Ethereum, respectively, in Australian dollars, before fees and expenses, and grant investors access to segregated Bitcoin and Ethereum held in secure ‘cold storage’ with Coinbase, a major cryptocurrency custodian.

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