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Grayscale Investments 是业内最大的数字资产管理公司之一,自从将其旗舰产品 GBTC 转换为现货 ETF 以来,该公司面临着重大挑战。
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.
尽管公司面临挑战,但事实证明,灰度 ETF 的商业模式提高了其加密 ETF 产品的费用,利润相当可观。
Key Points:
要点:
Grayscale Investments, a leading digital asset manager, has faced difficulties in converting its flagship product, the GBTC, into a spot ETF.
领先的数字资产管理公司 Grayscale Investments 在将其旗舰产品 GBTC 转换为现货 ETF 方面遇到了困难。
Due to aggressive investor capital outflows, GBTC has experienced a significant drop in Assets Under Management (AUM).
由于投资者资金大幅外流,GBTC 管理资产(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.
尽管出现下滑,灰度仍继续产生可观的收入,这主要是由于其 ETF 产品附加的高额费用。
These fees, which are often criticized for being the highest in the industry, have allowed Grayscale to generate significant income as investors’ interest wanes.
这些费用经常被批评为业内最高的费用,但随着投资者兴趣的减弱,灰度公司却能够产生可观的收入。
GBTC ETF Revenue Surpasses BlackRock IBIT
GBTC ETF 收入超过贝莱德 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.
据报道,该公司从 GBTC ETF 获得的收入是全球最大资产管理公司贝莱德从 iShares 比特币信托 (IBIT) 获得的收入的五倍。与提供类似比特币产品的竞争对手相比,这种差异凸显了灰度收费结构的盈利能力。
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 必须在其通过收费获得的高收入与处理 ETF 产品的资金外流之间取得平衡。虽然该公司从其收费结构中获得经济利益,但它可能会疏远在竞争激烈的加密 ETF 市场中寻求更实惠选择的投资者。
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.
今年早些时候,Grayscale 前首席执行官 Michael Sonnenshein 计划降低 GBTC 比特币 ETF 的费用。 Sonnenshein 将公司降低费用的决定归因于市场的发展和产品需求的增加。
While this has not materialized for GBTC, its mini Bitcoin and Ethereum products offer some of the industry’s lowest fees.
虽然 GBTC 尚未实现这一目标,但其迷你比特币和以太坊产品提供了业内最低的费用。
Grayscale’s Q1 2024 Earnings Impacted by Outflows
Grayscale 2024 年第一季度收益受资金外流影响
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.
自转型为现货比特币 ETF 以来,GBTC 经历了超过 120 亿美元的大幅流出。特别是,尽管贝莱德 (BlackRock) 的 IBIT 等竞争对手出现了资金流入,但该公司的单日资金流出创下了 6.43 亿美元的纪录。
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.
这一趋势可归因于与其他比特币 ETF 提供商相比 1.5% 的高管理费。例如,在市场激烈竞争的情况下,VanEck 选择免除其比特币 ETF 的费用。
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 月初开始交易以来,所有美国现货比特币 ETF 的净流入总额已超过 180 亿美元。然而,在美国经济形势趋紧的情况下,对比特币基金的需求大幅放缓。
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,灰度比特币ETF的资金流出仍在持续。 10 月 1 日,GBTC 报告净流出超过 500 万美元。
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,贝莱德的IBIT超越灰度GBTC,成为最大的比特币交易所交易基金。值得注意的是,5 月 9 日,IBIT 的现金流入总额约为 1.025 亿美元,而 GBTC 的现金流出总额为 1.052 亿美元。
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.
与此同时,Grayscale 最近推出了 XRP 信托。这种投资工具为合格投资者提供了直接接触 XRP 的机会,使他们能够投资加密货币,而无需直接处理它。 Grayscale 的举动预计将增强投资者的信心,并可能成为 XRP 生态系统进一步发展的先兆。
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.
本杰明·戈弗雷 (Benjamin Godfrey) 是一位区块链爱好者和记者,他喜欢撰写有关区块链技术和创新的现实生活应用的文章,以推动新兴技术的普遍接受和全球整合。他对人们进行加密货币教育的愿望激发了他对著名区块链媒体和网站的贡献。
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