• According to the press, Grayscale Investments' income from GBTC is five times higher than BlackRock's income from IBIT. 
• At the same time, GBTC has lost almost $15 billion since trading began on this position. 
• This is due to the high fee for managing funds - 1.5%. 
• Most other issuers charge between 0.2% and 0.3%. 

Grayscale Investments' revenue from management fees for its spot Bitcoin ETF is five times higher than that of BlackRock, the provider of the sector's largest fund, CoinDesk reports . 

The reason for this is the level of commissions, the publication noted. BlackRock charges investors 0.25%, while Grayscale Investments initially set the fee at 1.5%. 

Moreover, the second company’s income is higher despite significant capital outflows from its spot Bitcoin ETF, GBTC. After the trust’s conversion to a publicly traded ETF, its assets under management (AUM) fell by almost $15 billion:

IBIT surpassed GBTC in AUM at the end of May 2024. Since then, the gap between the funds has only widened, as can be seen in the chart below:

At the stage of approval and subsequent launch of spot Bitcoin ETFs, the decision to reduce the commission level was made not only by BlackRock, but also by other providers. Bitwise charges the least - 0.2%. Ark Invest and 21Shares require 0.21%, BlackRock and Fidelity - 0.25%. 

Earlier, we covered a statement by former Grayscale Investments CEO Michael Sonnenshein. He said that Grayscale Investments would not reduce fees because investors allegedly trust the company and will stay with it no matter what.