Bitcoin ETF Grayscale Revenue from Gbtc and Ethe Estimated
Bitcoin
An estimate of the management-fee revenue Grayscale earns from GBTC and ETHE — the converted trusts that remain the most expensive funds in their category.
Why it matters
It quantifies the economics behind Grayscale's choice to keep fees high while cheaper rivals take flows.
How it is built
Each fund's AUM is multiplied by its management-fee rate and the two revenue estimates are shown together.
What to watch
It explains a market puzzle: GBTC and ETHE bleed assets yet stay lucrative, because a high fee rate multiplied by a still-large AUM outearns slashing fees to compete. This chart describes a fund issuer's business, not the underlying networks.
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