Since obtaining approval from the US Securities and Exchange Commission (SEC) in January, Grayscale Bitcoin Trust (GBTC) has successfully transformed into a Bitcoin spot ETF. Due to this transformation, GBTC started with an asset management scale of 619,200 BTC at the opening, far surpassing its competitors.
However, due to GBTC’s management fee of 1.5%, significantly higher than its competitors’ 0.2%, funds have been continuously flowing out of GBTC after its transformation. Meanwhile, BlackRock’s Bitcoin spot ETF – IBIT – has been consistently growing its asset management scale. According to data compiled by HODL15Capital, today IBIT officially surpassed GBTC, becoming the largest Bitcoin spot ETF in terms of asset management scale.
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