Grayscale’s CEO, Michael Sonneshein, has stated that the fees associated with their Bitcoin exchange-traded fund (GBTC) will gradually decrease over time. This announcement comes as the fund experiences significant outflows, largely due to the comparatively high fees it charges. Despite previously being the most popular bitcoin ETF among the “Newborn Nine” ETFs in the United States, GBTC has seen $12 billion in outflows since January. Sonneshein attributes these outflows to various factors, such as investors seeking profits, arbitragers exiting the fund, and individuals unwinding positions linked to bankruptcies. Additionally, it was reported earlier this year that around $1 billion worth of GBTC shares were sold by bankrupt crypto exchange FTX as a result of the fund’s conversion into an ETF.
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Grayscale CEO Believes Bitcoin ETF Fees Will Drop Over Time: CNBC
