Michael Sonnenshein, chief executive offer of crypto asset manager Grayscale, discloses that fees on its flagship Grayscale Bitcoin Trust (GBTC) Bitcoin ETF will reduce gradually over time. Sonnenshein said the fees will drop after GBTC outflows reached over $12 billion, backtracking from defending its higher charges.
Grayscale to Reduce GBTC Fees
Grayscale CEO Michael Sonnenshein said the company expects to reduce fees on its GBTC Bitcoin ETF in the months ahead. The move likely comes as GBTC continues to witness outflows while other competitors such as BlackRock and Fidelity grab massive market share from Grayscale.
“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein told CNBC in an interview on March 18. He added that fees tend to be higher during the initial stages and gradually come down as the market matures and demand for the products rises.
GBTC has witnessed over $12 billion in net outflows since the conversion to
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