Grayscale Investments CEO Michael Sonnenshein commented on the launch of spot #BitcoinETF💰💰💰 , stating that he believes no more than three funds will survive in the market, each with a critical mass of assets. He also declared that #Grayscale Investments has no plans to reduce the management fee for the fund, which stands at 1.5%, the highest among comparable products in the market.

Sonnenshein expressed confidence that not all of the 11 approved spot Bitcoin ETFs currently available will remain operational. He emphasized that eventually, there will be consolidation, with only a few funds holding a critical mass of bitcoins, while others may merge with larger products or exit the market.

Addressing the high management fee, Sonnenshein highlighted several reasons why the company is not considering a reduction:

GBTC remains a liquidity leader among spot Bitcoin ETFs, controlling 25,067 BTC as of January 17, 2024.It is the oldest exchange-traded product directly investing in bitcoins, not cryptocurrency-based contracts.Grayscale Investments is an expert in the field of cryptography.

Sonnenshein argued that investors primarily value the track record over short-term cost benefits. Interestingly, this perspective aligns with #ArkInvest CEO Cathie Wood's earlier forecast, suggesting that a majority of spot Bitcoin ETFs could exit the market.

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