Michael Sonneshein, CEO of digital asset investment manager Grayscale, said his Bitcoin (BTC) exchange-traded fund (GBTC) fees will decline over time, CNBC reported on Tuesday.
Since January, GBTC has seen $12 billion in outflows, partly due to high fees compared to its peers. The fund previously had the largest asset volume among US-listed Newborn Nine Bitcoin ETFs
“I am happy to confirm that GBTC fees will decrease over time as this market matures,” Sonnenshein said in an interview.
“Of course we expected outflows. Investors either wanted to take profits from their portfolio, arbitrageurs wanted to exit the fund or liquidate positions that were part of bankruptcies through forced liquidation.”
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