Grayscale CEO Michael Sonnenshein stated in an interview on CNBC's Squawk Box program that there will certainly be a reduction in management fees when the Grayscale Bitcoin Trust (GBTC) transitions into a physical Bitcoin ETF. Currently, the GBTC annual fee stands at 2%.
In earlier news, court documents revealed that Grayscale emerged victorious in its lawsuit against the SEC. Craig Salm, Grayscale's Chief Legal Officer, stated in an official announcement, “We appreciate the opinion of the District of Columbia Circuit, which acknowledges the straightforward question of equal treatment under the law raised in this case. We are also very thankful to the legal teams at Munger, Tolles & Olson, Davis Polk & Wardwell for their efforts. Our next step involves close collaboration with the SEC to formulate plans for introducing GBTC as a physical Bitcoin ETF on the NYSE Arca.”