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

Grayscale Investments CEO Michael Sonnenshein said that most of the approved 11 spot Bitcoin ETFs will not survive. It is reported that multiple ETF issuers charge 0% fees for a limited time and then slightly increase the fees. Most ETFs charge between 0.2% and 0.4%, but Grayscale GBTC charges a fee of 1.5%. Sonnenshein listed several reasons, including GBTC being the largest Bitcoin fund, having a record of "successful operation" for 10 years, and having a diversified investor base. The reason why other ETFs have lower fees is that these products have "no track record," and issuers are trying to attract investors through fee incentives. He believes that two to three spot Bitcoin ETFs "may achieve some critical mass" in terms of assets under management, but others may withdraw from the market (CNBC).

Yesterday's news stated that Michael Sonnenshein said that charging a management fee of 1.5% for GBTC - the highest among all spot Bitcoin ETFs on the market - is reasonable due to "the company's scale, liquidity, and performance record."