Breaking: GBTC Bitcoin ETF Fees to Drop Soon, Says Grayscale CEO
Michael Sonnenshein, chief executive offer of crypto asset manager Grayscale, discloses that fees on its flagship Grayscale Bitcoin Trust (GBTC) Bitcoin ETF will reduce gradually over time. Sonnenshein said the fees will drop after GBTC outflows reached over $12 billion, backtracking from defending its higher charges.
Grayscale to Reduce GBTC Fees
Grayscale CEO Michael Sonnenshein said the company expects to reduce fees on its GBTC Bitcoin ETF in the months ahead. The move likely comes as GBTC continues to witness outflows while other competitors such as BlackRock and Fidelity grab massive market share from Grayscale.
“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein told CNBC in an interview on March 18. He added that fees tend to be higher during the initial stages and gradually come down as the market matures and demand for the products rises.
GBTC has witnessed over $12 billion in net outflows since the conversion to spot Bitcoin ETF. GBTC saw its highest-ever outflow of $643 million on Monday, with a total spot Bitcoin ETF outflow of $154.4 million despite BlackRock iShares Bitcoin ETF’s (IBIT) $451.5 million inflow.
Also Read: Empower Oversight Sues SEC Over Refusing FOIA Compliance, ETHGate
GBTC charges a 1.5% management fee for holders, which is significantly higher than other Bitcoin ETF providers, including BlackRock and Fidelity. Meanwhile, VanEck has waived fees on its Bitcoin ETF amid fierce competition in the BTC ETF market.
The post Breaking: GBTC Bitcoin ETF Fees to Drop Soon, Says Grayscale CEO appeared first on CoinGape.
Read More
Japanese Bitcoin ETF Could Debut in 2027, Says KPMG Exec
Breaking: GBTC Bitcoin ETF Fees to Drop Soon, Says Grayscale CEO
Michael Sonnenshein, chief executive offer of crypto asset manager Grayscale, discloses that fees on its flagship Grayscale Bitcoin Trust (GBTC) Bitcoin ETF will reduce gradually over time. Sonnenshein said the fees will drop after GBTC outflows reached over $12 billion, backtracking from defending its higher charges.
Grayscale to Reduce GBTC Fees
Grayscale CEO Michael Sonnenshein said the company expects to reduce fees on its GBTC Bitcoin ETF in the months ahead. The move likely comes as GBTC continues to witness outflows while other competitors such as BlackRock and Fidelity grab massive market share from Grayscale.
“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein told CNBC in an interview on March 18. He added that fees tend to be higher during the initial stages and gradually come down as the market matures and demand for the products rises.
GBTC has witnessed over $12 billion in net outflows since the conversion to spot Bitcoin ETF. GBTC saw its highest-ever outflow of $643 million on Monday, with a total spot Bitcoin ETF outflow of $154.4 million despite BlackRock iShares Bitcoin ETF’s (IBIT) $451.5 million inflow.
Also Read: Empower Oversight Sues SEC Over Refusing FOIA Compliance, ETHGate
GBTC charges a 1.5% management fee for holders, which is significantly higher than other Bitcoin ETF providers, including BlackRock and Fidelity. Meanwhile, VanEck has waived fees on its Bitcoin ETF amid fierce competition in the BTC ETF market.
The post Breaking: GBTC Bitcoin ETF Fees to Drop Soon, Says Grayscale CEO appeared first on CoinGape.
Read More