CoinShares is the latest firm set to slash fees on its European bitcoin product in the weeks after the first spot BTC funds launched in the US.

The company said Thursday it would reduce the annual fee on its physically backed bitcoin exchange-traded product (ETP) from 0.98% to 0.35%. The change is slated to take place on Feb. 1. 

“With this pricing structure, investing in a bitcoin crypto ETP through CoinShares becomes a more economical choice than purchasing bitcoin on many mainstream crypto platforms,” Frank Spiteri, CoinShares’ head of asset management, said in a statement. 

A spokesperson did not immediately comment further. 

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