Grayscale Investments CEO Michael Sonnenshein thinks that the majority of spot Bitcoin ETFs in the market will not survive for the long term.
In total under management More than $25 billion worth of Bitcoin Grayscale, which holds GBTC, converted it into an exchange-traded fund (ETF) last week.
Many other issuers that have received ETF approval along with Grayscale have been waiting for months from investors. no fund management fees took the decision. Many funds’ management fees vary between 0.2% and 0.4%.
In Grayscale’s Bitcoin Trust ETF, investors 1.5% management fee being taken.
Defending this high rate, Sonnenshein said:
“Investors place a lot of weight on things like liquidity, past performance, the issuer of the product. Grayscale is a crypto expert. And it has paved the way for many of these emerging products.”
Sonnenshein said the reason other issuers keep fund management fees low is because they “past performance” He said it wasn’t there.
According to Grayscale’s CEO, this also helps other companies How committed they are to Bitcoin long term It also raises questions about.
SEC, in total Establishment of 11 spot Bitcoin ETFs Even though he gave permission, Sonnenshein later He thinks their number will decrease.