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Grayscale CEO Believes Bitcoin ETF Fees Will Drop Over Time: CNBC
GBTC has seen $12 billion in outflows since due in part to its high fees compared to its competitors
Updated Mar 19, 2024, 10:44 a.m. Published Mar 19, 2024, 10:42 a.m.
Digital asset investment manager Grayscale’s CEO Michael Sonneshein said that fees of its bitcoin exchange-traded fund (GBTC) will decrease over time, CNBC reported on Tuesday.
Since January, GBTC has seen $12 billion in outflows due partly to its high fees compared to its competitors. The fund earlier had the largest volume of assets among the “Newborn Nine” bitcoin ETFs that were listed in the U.S.
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“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein said in an interview.
“Of course, we anticipated having outflows. Investors have been wanting to either take gains on their portfolio, or arbitragers coming out of the fund, or people unwinding positions that were part of bankruptcies through forced liquidation.”
CoinDesk reported in January that bankrupt crypto exchange FTX had sold around $1 billion worth of GBTC shares following the fund’s conversion into an ETF.
Read More: Bitcoin ETFs' Hot Start Seems Largely Driven by Retail Investors
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