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Grayscale, a preeminent digital asset manager, has proposed a cut to its management fees from 2% to 1.5% for their planned spot Bitcoin exchange-traded fund (ETF), as per the details in an updated S3 filing submitted to the U.S. Securities and Exchange Commission on January 8. This constitutes one aspect of the firm’s strategic move to transform its Bitcoin Trust to a spot ETF, thereby standing out among ETF applicants. The firm’s revised fee structure will require payment in Bitcoin, the leading cryptocurrency.
Additional insights from the filing disclose that Grayscale has added Jane Street, Virtu Americas, Macquarie Capital, and ABN AMRO Clearing as authorized participants for its proposed ETF. Jane Street, Virtu Flow Traders, and Flowdesk have also been named as liquidity providers for the ETF. Even with the reduced rates, Grayscale’s fees are considerably above those proposed by other ETF issuers like BlackRock, who usually charge less than 1%. Notwithstanding this, Grayscale’s established Bitcoin Trust, holding almost 620,000 units of BTC valued at nearly $27 billion, positions it competitively in the market.
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