Invesco and Galaxy Asset Management said Monday that they are cutting the sponsor fee on their new spot bitcoin ETF.

While spot bitcoin ETFs offered by Grayscale, BlackRock and Fidelity have dominated trading volumes in the burgeoning market, Invesco and Galaxy's product has ranked sixth with more than $280 million in buying and selling activity. It also has about the same amount of capital in assets under management. 

In a move that could improve its competitive edge, Invesco and Galaxy Asset Management will cut their fund's fee from 0.39% to to 0.25%, according to a filing. 

The new, lowered rate will put Invesco and Galaxy's spot bitcoin ETF on par with most rivals, according to data posted by Bloomberg Intelligence ETF analyst James Seyffart. Grayscale's ETF is currently …