[Analysis: Despite the decline in asset size, Grayscale’s ETF fee income is still nearly 5 times that of BlackRock] 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 remains significantly higher than its 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.