Opinion: Grayscale's mini version of GBTC is not friendly to existing investors

Crypto KOL Andrew (@AP_Abacus) posted on the X platform that Grayscale disclosed that the mini version of GBTC not only charged high fees to long-term investors with existing low-cost foundations, but also used part of the assets to launch a new product with low fees to raise funds to increase the scale of asset management. This is very unfriendly to existing investors. Although it may be legally compliant, it is difficult to convince. Andrew also said that he disagreed with the argument that Grayscale CEO Sonnenshein might defend this move on CNBC, and investors should not trust Grayscale to manage their funds. Earlier news, on April 20, Grayscale revealed some details of its spin-off fund Bitcoin Mini Trust (BTC) in the latest document, including a management fee of 0.15%, which is lower than the fee of the parent fund GBTC after listing. The document also gave an example that the number of BTC that Grayscale will inject into the Mini Fund is 63,204 bitcoins, accounting for about 10% of GBTC's existing assets. Shares of the BTC trust fund will be automatically issued and distributed to GBTC shareholders. Grayscale's launch of Bitcoin Mini Trust is intended to provide GBTC investors with a low-cost option with more competitive fees to rival other Bitcoin ETF products approved in January.