Grayscale Bitcoin Trust

Crypto asset management firm Grayscale with $26 billion allocated in its ETF fund GBTC plans to drop fees as its outflows reach $12 billion.
<a href="https://crypto.news/tag/grayscale/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> CEO Michael Sonnenshein has announced plans to reduce fees on the Grayscale Bitcoin Trust ETF (<a href="https://crypto.news/tag/gbtc/" target="_blank" rel="noopener noreferrer nofollow">GBTC</a>) in the coming months as the crypto market craze seems to cool off. In an <a href="http://www.cnbc.com/2024/03/19/grayscale-ceo-says-gbtc-bitcoin-etf-fees-will-come-down-over-time.html" target="_blank" rel="noopener noreferrer nofollow">interview</a> with CNBC, Sonnenshein revealed plans to gradually decrease fees on GBTC, justifying the current 1.5% management fee by citing GBTC’s liquidity and track record compared to other exchange-traded funds (<a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a>) in the market.
<blockquote class="wp-block-quote">
 “I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down.”
 Michael Sonnenshein
</blockquote>
For comparison, Vanguard has waived fees for investors until March 2025, while BlackRock charges a mere 0.12%. Sonnenshein also mentioned Grayscale’s plans to introduce a lower-fee version of its flagship product, <a href="https://crypto.news/grayscale-bitcoin-mini-trust-etf/" target="_blank" rel="noopener noreferrer nofollow">the Grayscale Bitcoin Mini Trust</a>, trading under the ticker “BTC.” However, no specific launch timeframe was provided.
You might also like: <a href="https://crypto.news/patient-capital-grayscale-bitcoin-crypto-etp/" rel="noopener noreferrer nofollow"> Patient Capital Management replaces Grayscale Bitcoin Trust with crypto ETP </a>
The Grayscale CEO’s comments follow the massive wave of outflows from GBTC, which are attributed in part to the bankruptcy of crypto giant FTX, a major holder of GBTC shares. According to <a href="https://blog.coinshares.com/volume-174-digital-asset-fund-flows-weekly-report-60801e380967" target="_blank" rel="noopener noreferrer nofollow">data</a> from CoinShares, GBTC saw more than $12 billion in outflows since the U.S. Securities and Exchange Commission (SEC) <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">approved</a> spot Bitcoin ETFs earlier in January.
Meanwhile, Grayscale is still <a href="https://crypto.news/coinbase-calls-on-sec-to-approve-grayscales-spot-ethereum-etf/" target="_blank" rel="noopener noreferrer nofollow">awaiting approval</a> from the SEC for its Bitcoin Mini Trust ETF. In addition, Grayscale is seeking SEC approval to convert its Ethereum Trust into an ETF, as it aims to expand its offerings beyond Bitcoin.
Read more: <a href="https://crypto.news/fidelity-adds-staking-feature-in-amended-spot-ethereum-etf-filing/" rel="noopener noreferrer nofollow"> Fidelity adds staking feature in amended spot Ethereum ETF filing </a>

Grayscale’s Sonnenshein promises to drop 1.5% fees on its spot Bitcoin ETF ‘over time’

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