Michael Sonnenshein, CEO of Grayscale, remains optimistic despite a huge $12 billion withdrawal from the company’s flagship offering, the Grayscale Bitcoin Trust ETF (GBTC).
In an interview with CNBC, Sonnenshein told investors that fees will fall as the cryptocurrency ETF market matured, in response to concerns over GBTC’s relatively high fees.
The significant withdrawals from GBTC, particularly since its conversion to an ETF in January, have prompted some concerns. When compared to other products on the market, Grayscale’s Bitcoin investment package includes higher costs, which has prompted criticism.
Sonnenshein expressed optimism that GBTC’s fees will gradually decrease as the market expands. This guarantee is issued after BitMEX Research data showed that GBTC experienced its largest outflow of $643 million in a single day.
Oddly, rivals such as BlackRock, Fidelity, Bitwise, and Ark Invest continue to see significant inflows into their Bitcoin spot ETFs, despite Grayscale’s ETF seeing no positive flow since the US launch of Bitcoin spot ETFs on January 11.
