Global X cuts management fees

Global X ETFs will reduce the annual management fees for its Global X 21Shares Bitcoin ETF (Cboe: EBTC) and Global X 21Shares Ethereum ETF (Cboe: EETH), effective July 1.

Both Australian-listed cryptocurrency products will see a reduction from 1.25% to 0.59% per annum, which the ETF provider said would enable Australian investors to tap into a high-growth market with increased cost efficiency.

Global X launched the first spot Bitcoin and Ethereum ETFs in the Asia Pacific region in 2022.

Global X chief executive Evan Metcalf said the fee reduction comes amid increasing demand for crypto products in the Australian market and demonstrates Global X's commitment to providing investors with competitive solutions.

"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.

"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."

The fess reduction comes after the company confirmed last month that EBTC had surpassed a record high of $118 million in assets under management.

"Amid an exciting period for cryptocurrency, we're seeing robust inflows into EBTC and EETH, a reflection of investors' optimism and growing interest in digital assets in the longer term," Metcalf said.

"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 and give investors access to segregated Bitcoin and Ethereum held in secure 'cold storage' with Coinbase, the world's largest cryptocurrency custodian.