Grayscale CEO: Most of the 11 spot Bitcoin ETFs cannot be retained for the long term

Michael Sonnenshein, CEO of Grayscale Investments, said that most of the 11 approved spot Bitcoin ETFs will not survive. It is reported that multiple ETF issuers charge 0% fees for a limited time and then increase the fees slightly. Most ETFs charge between 0.2% and 0.4%, but Grayscale GBTC charges 1.5%. Sonnenshein listed several reasons for this, including that GBTC is the largest Bitcoin fund, has a 10-year track record of “successful operations,” and has a diverse investor base. The reason other ETFs have lower fees is that these products have “no track record” and issuers are trying to attract investors with fee incentives. He believes that two to three spot Bitcoin ETFs “may gain some critical mass” of assets under management, but others may be withdrawn from the market. (CNBC) Yesterday’s news, Michael Sonnenshein said that the 1.5% management fee charged for GBTC – the highest among all spot Bitcoin ETFs on the market – was justified due to “the company’s size, liquidity and track record.”