Grayscale CEO says fees on its bitcoin ETF will drop over time after outflows hit $12 billion
Grayscaleâs 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.
Grayscaleâs GBTC has logged outflows of more than $12 billion since it was converted into an ETF in early January, due in no small part to its higher-than-average fees.
Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a âminiâ version of its flagship product.
LONDON â The boss of digital asset management firm Grayscale, which manages the $26 billion exchange-traded fund GBTC, has said that fees on its flagship product will come down over time, after its outflows reached $12 billion.
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.
âIâll happily confirm that, over time, as this market matures, the fees on GBTC will come down,â Sonnenshein told CNBC in an interview on Monday. The firm previously defended its costlier-than-market-average charges.
âWe have seen this in countless other exposures, countless other markets, you name it, where typically when products are earlier in their lifecycle, when theyâre new to be introduced, these [fees] tend to be higher. And, as those markets mature, and as those funds grow, those fees tend to come down, and we expect the same to be true of GBTC.â
GBTC has logged outflows of more than $12 billion since it was converted into an ETF in early January, according to data from crypto investment firm CoinShares, due in no small part to its higher-than-average fees.
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