Grayscale's CEO Michael Sonnenshein told CNBC on Monday that fees on its flagship bitcoin ETF will come down over time, softening an earlier stance defending costs above the market average.
Grayscale CEO Michael Sonnenshein said that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months, as the nascent crypto ETF market matures. GBTC has logged outflows of more than $12 billion since it was converted into an ETF in early January, according to BitMEX Research, the research arm of crypto exchange BitMEX due in no small part to its higher-than-average fees.The unit's data shows that GBTC recorded its biggest single daily outflow on Monday, with withdrawals totalling $643 million.
The FTX bankruptcy estate reportedly offloaded the majority of its shares in Grayscale's bitcoin ETF, according to January reporting from Bloomberg and CoinDesk. The crypto fund manager charges a 1.5% management fee for GBTC holders, significantly higher than the charge commanded by many ETF providers, including BlackRock and Fidelity.Looking for alternatives to Nvidia? Futurum CEO names 3 he's bullish on for 2024Morgan Stanley picks 'alpha' opportunities in China tech - giving one 52% upside, telling CNBC they were justified by GBTC's liquidity and track record.
Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a "mini" version of its flagship product — the Grayscale Bitcoin Mini Trust, announced last week. The new ETF is set to trade under the ticker "BTC" and have a materially lower fee than GBTC.
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