Chalk it up to the intense battle to lure customers with low fees for crypto ETFs, according to experts.
“Perhaps this is a simple business decision,” said Nate Geraci, president of the ETF Store. “If Ark 21Shares Bitcoin ETF can eclipse $3.5 billion in less than five months and Ark can’t make any money, that’s obviously an issue.” In the race to launch a spot bitcoin ETF, Grayscale set its fee significantly higher than its competitors, at 1.5%, which appears to be one of the main reasons why investors have pulled billions of dollars out of the fund and the fund“I don’t think anyone truly expected the fee war to get that aggressive before we even saw launches,” said James Seyffart, ETF analyst at Bloomberg Intelligence.
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