Golden Finance reported that 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.