Grayscale has proposed fees for its new Grayscale Bitcoin Mini Trust (BTC) to be set at one-tenth of the current 1.5% fee for GBTC, according to a recent filing with the United States Securities and Exchange Commission (SEC).
With a suggested fee of 0.15%, it is positioning its ETF to have the lowest fees among the 11 approved spot Bitcoin ETFs introduced in January, closely followed by trillion-dollar asset manager Franklin Templeton at 0.19%.
Following behind are the Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL), both at 0.20%.
CEO of crypto-focused reviews portal Apollo, Thomas Fahrer, told his 42,900 X followers in an April 21 post that Grayscale "offering cheap" alternative fees was necessary to compensate for the large amount of GBTC outflows.
“Grayscale has lost 315K BTC in outflows since launching, and they needed to plug the leak,” he said.
Related: Bitcoin halving hype breaks week-long ETFs outflow streak
This comes amid many investors withdrawing funds from the GBTC product since the launch of spot Bitcoin ETFs in January, which offer a more competitive fee for Bitcoin exposure.
Since spot Bitcoin ETFs were introduced on Jan.11, GBTC has seen approximately $16.73 billion of outflows, as per Farside data.
