Last Updated on January 9, 2024 by Bitfinsider
Grayscale has reduced its management fee from 2% to 1.5% as part of its planned increase to a spot bitcoin ETF, according to an amended S3 filing.
Grayscale, which has around $27 billion in assets under management (AUM), announced the addition of Jane Street, Virtu, Macquarie Capital, and ABN AMRO Clearing as approved participants.
“We did a lot of research to evaluate the fees of similar product offerings, including spot and futures-based ETFs in geographies around the world that had previously opened access to bitcoin through the ETF wrapper,” Michael Sonnenshein, CEO of Grayscale Investments, said in an interview.
Sonnenshein refused to comment on any other ETF concerns, including BlackRock’s charge, which will start at 0.20% and rise to 0.30%.
“It’s not surprising to see all the new issuers coming to market here in the US, engaging in a fee war, in a race to the bottom, where they’re all starting from scratch and hoping to gain assets from investors,” Sonnenshein said in a statement.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.