Since obtaining approval from the U.S. Securities and Exchange Commission (SEC) in January, the Grayscale Bitcoin Trust Fund (GBTC) has successfully transitioned into a Bitcoin spot ETF. As a result of this transition, GBTC began with an asset management scale of 619,200 BTC on its first day of trading, far surpassing its competitors.
However, due to GBTC’s management fee of 1.5%, which is much higher than its competitors’ fee of 0.2%, funds have been continuously flowing out of GBTC since its transition. Meanwhile, BlackRock’s Bitcoin spot ETF – IBIT – has been steadily increasing its asset management scale. According to data compiled by HODL15Capital, BlackRock’s IBIT officially surpassed GBTC today to become the largest Bitcoin spot ETF in terms of asset management scale.
