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Grayscale Investments 是業界最大的數位資產管理公司之一,自從將其旗艦產品 GBTC 轉換為現貨 ETF 以來,該公司面臨著重大挑戰。
Grayscale’s business model, which has seen it hike fees on its crypto ETF products, has proven to be quite profitable, despite the challenges faced by the firm.
儘管公司面臨挑戰,但事實證明,灰階 ETF 的商業模式提高了其加密 ETF 產品的費用,利潤相當可觀。
Key Points:
要點:
Grayscale Investments, a leading digital asset manager, has faced difficulties in converting its flagship product, the GBTC, into a spot ETF.
領先的數位資產管理公司 Grayscale Investments 在將其旗艦產品 GBTC 轉換為現貨 ETF 方面遇到了困難。
Due to aggressive investor capital outflows, GBTC has experienced a significant drop in Assets Under Management (AUM).
由於投資者資金大幅外流,GBTC 管理資產(AUM)大幅下降。
Despite this decline, Grayscale continues to generate substantial revenue, primarily due to the high fees attached to its ETF products.
儘管出現下滑,灰度仍繼續產生可觀的收入,這主要是由於其 ETF 產品附加的高額費用。
These fees, which are often criticized for being the highest in the industry, have allowed Grayscale to generate significant income as investors’ interest wanes.
這些費用經常被批評為業界最高的費用,但隨著投資人興趣的減弱,灰階公司卻能產生可觀的收入。
GBTC ETF Revenue Surpasses BlackRock IBIT
GBTC ETF 營收超過貝萊德 IBIT
According to reports, the firm generates five times more revenue from its GBTC ETF than BlackRock, the world’s largest asset manager, does from its iShares Bitcoin Trust (IBIT). This disparity highlights the profitability of Grayscale’s fee structure compared to competitors offering similar Bitcoin-based products.
據報道,該公司從 GBTC ETF 獲得的收入是全球最大資產管理公司貝萊德從 iShares 比特幣信託 (IBIT) 獲得的收入的五倍。與提供類似比特幣產品的競爭對手相比,這種差異凸顯了灰階收費結構的獲利能力。
However, Grayscale must balance its high revenues through fees with dealing with the outflows from its ETF products. While the firm benefits financially from its fee structure, it risks alienating investors seeking more affordable options in a competitive crypto ETF market.
然而,Grayscale 必須在其透過收費獲得的高收入與處理 ETF 產品的資金外流之間取得平衡。雖然該公司從其收費結構中獲得經濟利益,但它可能會疏遠在競爭激烈的加密 ETF 市場中尋求更實惠選擇的投資者。
Earlier this year, Grayscale’s former CEO, Michael Sonnenshein, planned to lower fees on the GBTC Bitcoin ETF. Sonnenshein attributed the company’s decision to reduce its fees to the market’s evolution and increased demand for the product.
今年早些時候,Grayscale 前執行長 Michael Sonnenshein 計劃降低 GBTC 比特幣 ETF 的費用。 Sonnenshein 將公司降低費用的決定歸因於市場的發展和產品需求的增加。
While this has not materialized for GBTC, its mini Bitcoin and Ethereum products offer some of the industry’s lowest fees.
雖然 GBTC 尚未實現這一目標,但其迷你比特幣和以太坊產品提供了業界最低的費用。
Grayscale’s Q1 2024 Earnings Impacted by Outflows
Grayscale 2024 年第一季財報受資金外流影響
Since transitioning to a spot Bitcoin ETF, GBTC has experienced a substantial outflow of over $12 billion. In particular, it saw a record single-day outflow of $643 million, even as competitors like BlackRock’s IBIT saw inflows.
自轉型為現貨比特幣 ETF 以來,GBTC 經歷了超過 120 億美元的大幅流出。特別是,儘管貝萊德 (BlackRock) 的 IBIT 等競爭對手出現了資金流入,但該公司的單日資金流出創下了 6.43 億美元的紀錄。
This trend can be attributed to the high management fee of 1.5% compared to other Bitcoin ETF providers. For example, VanEck has chosen to waive fees on its Bitcoin ETF amid fierce competition within the market.
這一趨勢可歸因於與其他比特幣 ETF 提供者相比 1.5% 的高管理費。例如,在市場激烈競爭的情況下,VanEck 選擇免除其比特幣 ETF 的費用。
Since trading began earlier in January, all the US spot Bitcoin ETFs have registered a total net inflows of over $18 billion. However, demand for Bitcoin funds has slowed down considerably in the midst of the tightening economic condition in the US.
自 1 月初開始交易以來,所有美國現貨比特幣 ETF 的淨流入總額已超過 180 億美元。然而,在美國經濟情勢趨緊的情況下,對比特幣基金的需求大幅放緩。
On the other hand, the outflows from the Grayscale Bitcoin ETF have continued. On October 1, GBTC reported over $5 million in net outflows.
另一方面,灰階比特幣ETF的資金流出仍在持續。 10 月 1 日,GBTC 報告淨流出超過 500 萬美元。
In May, Blackrock’s IBIT surpassed Grayscale GBTC as the largest Bitcoin exchange-traded fund. Notably, on May 9, IBIT registered a total cash inflow of about $102.5 million, while GBTC recorded $105.2 million in outflows to register the flipping.
5月,貝萊德的IBIT超越灰階GBTC,成為最大的比特幣交易所交易基金。值得注意的是,5 月 9 日,IBIT 的現金流入總額約為 1.025 億美元,而 GBTC 的現金流總額為 1.052 億美元。
Meanwhile, Grayscale recently launched its XRP Trust. This investment vehicle provides accredited investors with direct exposure to XRP, enabling them to invest in the cryptocurrency without needing to handle it directly. Grayscale’s move is expected to boost investor confidence and could be a precursor to further developments in the XRP ecosystem.
同時,Grayscale 最近推出了 XRP 信託。這種投資工具為合格投資者提供了直接接觸 XRP 的機會,使他們能夠投資加密貨幣,而無需直接處理它。 Grayscale 的舉動預計將增強投資者的信心,並可能成為 XRP 生態系統進一步發展的先兆。
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
本傑明·戈弗雷 (Benjamin Godfrey) 是一位區塊鏈愛好者和記者,他喜歡撰寫有關區塊鏈技術和創新的現實生活應用的文章,以推動新興技術的普遍接受和全球整合。他對人們進行加密貨幣教育的願望激發了他對著名區塊鏈媒體和網站的貢獻。
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