Grayscale CEO Michael Sonnhenshein has promised to lower the management fee of the company’s spot Bitcoin ETF, whose above-average cost has led to overwhelming outflows in recent months.“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” he said.
However, numerous identical spot Bitcoin ETF products launched on the same day, including from BlackRock and Fidelity, included fees of less than 0.5%.On Monday, however, the CEO claimed that reducing its fee over time was par for the course for fund providers, which generally start with higher fees when their products are “earlier in their lifecycle.”
Since starting as an ETF, Grayscale hasn’t experienced a single trading day of net inflows. On the contrary, investors have sold over $12.4 billion out of the fund as long-term GBTC holders cash out on their gains, and new market entrants deploy their capital toward cheaper funds.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »