{"id":607310,"date":"2024-05-10T01:00:11","date_gmt":"2024-05-10T01:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=607310"},"modified":"2024-05-09T19:47:11","modified_gmt":"2024-05-09T19:47:11","slug":"grayscale-battling-outflows-and-lower-cost-etfs-q1-revenue-stays-flat-at-156m","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/grayscale-battling-outflows-and-lower-cost-etfs-q1-revenue-stays-flat-at-156m\/","title":{"rendered":"Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M"},"content":{"rendered":"

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC).\u00a0<\/span><\/p>\n

Grayscale Exceeds Expectations Despite Outflows<\/span><\/h2>\n

According <\/span><\/a>to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter.<\/span><\/p>\n

Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?<\/a><\/div>\n

Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen <\/span>outflows <\/span><\/a>of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January.\u00a0<\/span><\/p>\n

While GBTC charges a 1.5% <\/span>management fee<\/span><\/a>, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced<\/a> plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee \u201cBitcoin Mini Trust.\u201d\u00a0<\/span><\/p>\n

Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted.\u00a0<\/span><\/p>\n

The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in <\/span>assets under management <\/span><\/a>(AUM).<\/span><\/p>\n

In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation.<\/span><\/p>\n

DCG Reports 11% Q1 Revenue Increase<\/span><\/h2>\n

Digital Currency Group, founded by Barry Silbert and the<\/span> parent company<\/span><\/a> of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices.\u00a0<\/span><\/p>\n

However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary.<\/span><\/p>\n

Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?<\/a><\/div>\n

Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s <\/span>crypto exchange<\/span><\/a> subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume.<\/span><\/p>\n

\"Grayscale\"
The daily chart shows BTC’s sideways price action above $61,000. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC).\u00a0 Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January.\u00a0 While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee \u201cBitcoin Mini Trust.\u201d\u00a0 Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted.\u00a0 The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM). In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation. DCG Reports 11% Q1 Revenue Increase Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices.\u00a0 However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume. At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":575159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,90555,9960,656,679,89704,1119,1144,78790,6664,14690,6190,91752,7523,91093,61774,91264,89192,84429],"class_list":["post-607310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-blackrock-spot-bitcoin-etf","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-digital-currency-group","tag-fidelity-bitcoin-etf","tag-grayscale","tag-grayscale-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-bitcoin-trust-etf","tag-grayscale-news","tag-grayscale-report"],"acf":[],"yoast_head":"\nGrayscale 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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