Grayscale CEO Believes Bitcoin ETF Fees Will Drop Over Time: CNBC
Summary
Grayscale CEO Michael Sonnenshein has stated that the fees of its Bitcoin exchange-traded fund (GBTC) will decrease over time. This comes after GBTC experienced $12 billion in outflows since January, partially due to its high fees compared to competitors. Sonnenshein acknowledged these outflows were anticipated, as investors sought to take gains on their portfolio, arbitragers exited the fund, or positions were unwound due to bankruptcies through forced liquidation. In January, bankrupt crypto exchange FTX sold around $1 billion worth of GBTC shares after the fund was converted into an ETF.
