New ask Hacker News story: Ask HN: Does Grayscale charge $400M/year for holding Bitcoin?
Ask HN: Does Grayscale charge $400M/year for holding Bitcoin?
3 by ArtTimeInvestor | 7 comments on Hacker News.
So I looked up Grayscales Bitcoin Trust and was surprised that they have an annual fee of 2%: https://ift.tt/2MQWI39 I am not sure if I understand this number correctly. GBTC currently has a market cap of about $21B. If Grayscale charges 2% of that, this would be $400M per year. $400 million for running a simple algorithm that buys/sells Bitcoin based on in/outflow of investors and keeping those bitcoins safe? This seems pretty much to me. Anything I am missing?
3 by ArtTimeInvestor | 7 comments on Hacker News.
So I looked up Grayscales Bitcoin Trust and was surprised that they have an annual fee of 2%: https://ift.tt/2MQWI39 I am not sure if I understand this number correctly. GBTC currently has a market cap of about $21B. If Grayscale charges 2% of that, this would be $400M per year. $400 million for running a simple algorithm that buys/sells Bitcoin based on in/outflow of investors and keeping those bitcoins safe? This seems pretty much to me. Anything I am missing?
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