Grayscale’s GBTC assets under management have fallen 50% due to outflows, but its revenue is still five times that of BlackRock, according to CoinDesk. GBTC’s expense ratio is 1.50%, while IBIT’s is 0.25%.
Grayscale’s Bitcoin ETF generates more revenue than its competitors, even as investors pull out their money due to higher fees. GBTC manages about $14 billion in assets and generates about $205 million in revenue annually, while BlackRock’s IBIT manages $17 billion and generates just $42.5 million in annual revenue.
The expense ratio is the main reason. GBTC has an expense ratio of 1.5%, while the Bitwise Bitcoin ETF (BITB) has an expense ratio of 0.20%, ARKB has an expense ratio of 0.21%, and IBIT and FBTC both have an expense ratio of 0.25%.
GBTC has seen inflows despite investors pulling out due to higher fees. In January, it had $29 billion in assets under management and about 600,000 bitcoins. Now it has $13.65 billion in assets under management and holds about 220,000 bitcoins. IBIT holds 366,000 bitcoins and has $17 billion in assets under management.
