DCG, parent of GBTC Sponsor, Reports Q1 Revenue of $229M

In January, Grayscale converted GBTC, which had been in existence as a closed-end fund for over a decade, into a spot ETF, becoming one of ten issuers to bring such a fund to the market. While billions flowed into the new vehicles, GBTC, whose management fee of 1.50% was more than 100 basis points above its competitors, experienced billions in outflows.