According to Odaily Planet Daily, crypto KOL Andrew criticized Grayscale's new product, the mini version of GBTC, in an article on the X platform. He said that the product not only charges high fees to long-term investors with existing low-cost foundations, but also uses part of the assets to launch a new product with low fees to raise funds to increase the scale of asset management. This is very unfriendly to existing investors, and although it may be legally compliant, it is difficult to convince people.
Andrew also said that he disagreed with the arguments that Grayscale CEO Sonnenshein may have made on CNBC to defend the move, and that investors should not trust Grayscale to manage their funds.
Earlier news, on April 20, Grayscale revealed some details of its spin-off fund Bitcoin Mini Trust (BTC) in the latest document, including a management fee of 0.15%, which is lower than the fee of the parent fund GBTC after listing. The document also gave an example that the amount of BTC that Grayscale will inject into the Mini Fund is 63,204 bitcoins, accounting for about 10% of GBTC's existing assets. Shares of the BTC Trust Fund will be automatically issued and distributed to GBTC shareholders.
