- Grayscale has promised overtime fee reduction as GBTC outflows hit $12 billion.
- The outflows are linked to concerns over higher-than-average ETF market fees.
- GBTC experienced its largest single-day outflow on Monday, with $643 million withdrawn.
Grayscale CEO Michael Sonnenshein has expressed optimism about fee reductions as outflows from the firm’s flagship product, the Grayscale Bitcoin Trust ETF (GBTC), hit a staggering $12 billion.
In an interview with CNBC, Sonnenshein addressed concerns over the higher-than-average fees associated with GBTC. He expressed confidence that fees would decrease over time as the crypto ETF market matures.
This concern emerged amid outflows exceeding $12 billion in Grayscale’s Bitcoin investment product since its conversion into an exchange-traded fund (ETF) in early January. This outflow trend was primarily attributed to the comparatively higher fees of its Bitcoin ETF product.
“I’ll happily confirm that, over time, as this market matures, the fees on GBTC will come down,” Sonnenshein remarked. Meanwhile, in the past, Grayscale firm had defended its costlier-than-market-average charges.
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