Grayscale's flagship Bitcoin exchange-traded fund (ETF) will lower its fees, the highest of any U.S. Bitcoin spot ETF, but only after the products "begin to mature," - according to CEO Michael Sonnenshein.
Sonnenshein said in an onstage interview on April 10 at the Canaccord Genuity Digital Assets Symposium that "markets tend to be very excitable" when commodities or themed products - such as the company's own Grayscale Bitcoin Trust (GBTC) - debut and give investors access to the asset for the first time.
"In the case of Bitcoin, we are still in this phase," he said.
Over time, Sonnenshein said, the products are "starting to mature," and the market is consolidating as investors allocate large funds to just a few products.
"This means that fees are also decreasing over time. We're lowering the fees for GBTC, and that also means that we're kind of at the end of the first round of the first wave of adoption."
Typically, new products - such as the recently launched bitcoin ETFs - make their way to wealth management platforms, Sonnenshein said.
GBTC was launched in 2015 and converted to an ETF in January, along with the launch of nine other Bitcoin ETFs after Grayscale won a lawsuit against the Securities and Exchange Commission, forcing it to review a rejected GBTC conversion offer.
