Grayscale’s Bitcoin ETF has bled over $14 billion and it hasn’t lowered its industry-high fees, but ex-Wall Street analyst Jim Bianco gave two reasons why.
Grayscale may be sticking to high fees for its spot Bitcoin (BTC) exchange-traded fund to keep “stuck” holders from cashing out while betting that Bitcoin’s price will continue to rocket upward, according to one market analyst.
The Grayscale Bitcoin Trust (GBTC) has seen daily outflows since its launch on Jan. 11 — totaling over $14 billion as of March 25.
Many, including Bianco Research founder and former Wall Street analyst Jim Bianco, have pointed to GBTC’s fees as “the problem.” In a March 25 X post, he speculated at least half of GBTC outflows were those moving to lower-fee ETFs.
