PANews reported on October 2 that according to CoinDesk, although the assets under management of Grayscale Bitcoin Trust Fund (GBTC) decreased by 50% due to capital outflows, its fee income is still significantly higher than that of competitors. GBTC currently has an expense ratio of 1.50%, which is much higher than the 0.25% of BlackRock's iShares Bitcoin Trust (IBIT), giving Grayscale annual revenue of about $205 million, five times that of IBIT ($42.5 million). Although the latter has larger assets under management.
GBTC once had $29 billion in assets under management in January this year, but as funds have been withdrawn, it has now dropped to $13.65 billion and holds about 220,000 bitcoins. While investors seek products with lower expense ratios, Grayscale's early advantage has enabled it to maintain strong cash flow. In contrast, IBIT manages $17 billion in assets and holds 366,000 bitcoins.