Grayscale, the renowned digital asset management firm with over $50 billion in assets under management, has announced the launch of a new Bitcoin ETF, dubbed BTC. This move comes as Grayscale files for a mini fund similar to GLDM (Gold MiniShares Trust), allowing holders of its flagship product, GBTC, to access the new offering with lower fees pending SEC approval.
Eric Balchunas, Senior ETF Analyst for Bloomberg, believes this move aims to address the exodus of investors from GBTC, where fees stand at 1.5%, significantly higher compared to other Bitcoin ETFs on the market. To stop the exodus. My guess is they really hearing it from GBTC investors trapped in there paying 1.5% while everyone else pays 20-30bps. This is a way to satiate those investors and perhaps attract new ones. iShares invented this move w/ IEMG vs EEM when EEM was getting...is strategic, serving to retain GBTC investors while attracting new ones