WisdomTree has wasted no time responding to BlackRock’s European bitcoin exchange-traded product (ETP) debut, cutting the fee on its flagship cryptocurrency product to 15 basis points, effective immediately.

The move comes a day after BlackRock launched the iShares Bitcoin ETP with a headline total expense ratio of 25 basis points, but offering a promotional waiver of 10 basis points, meaning the fee will be 0.15% till 31 December

The $880m (£682m) WisdomTree Physical Bitcoin ETP will match those terms with its own 10 basis points waver, before its charges also return to 0.25% at the end of year