Grayscale的比特幣ETF：儘管資金大量流出，但費用仍然很高引發擔憂

Why Grayscale's Bitcoin ETF Still Charges Excessive Fees, Despite $14 Billion Outflow

儘管資金流出 140 億美元，為何 Grayscale 的比特幣 ETF 仍收取過高費用

Jim Bianco, an industry veteran and ex-Wall Street analyst, has raised concerns about the Grayscale Bitcoin Trust's (GBTC) persistently high management fee, despite witnessing massive outflows exceeding $14 billion. This begs the question: how does Grayscale justify such exorbitant fees?

產業資深人士、前華爾街分析師吉姆·比安科(Jim Bianco) 對灰階比特幣信託基金(GBTC) 的管理費持續居高不下表示擔憂，儘管該基金見證了超過140 億美元的大規模資金外流。這就引出了一個問題：灰度如何證明如此高的費用是合理的？

Strategic Trap: High Fees, Captive Investors

策略陷阱：高費用、受束縛的投資者

Bianco posits that Grayscale's fee structure is a calculated strategy to lock in investors who may hesitate to abandon their positions due to hefty tax penalties. This essentially "traps" investors, ensuring a steady stream of fees as GBTC's assets under management (AUM) remain substantial, currently hovering around $24.7 billion.

Bianco 認為，Grayscale 的費用結構是一種經過深思熟慮的策略，旨在鎖定那些可能因巨額稅收處罰而猶豫是否放棄頭寸的投資者。這本質上是「陷阱」了投資者，確保了穩定的費用來源，因為 GBTC 管理的資產 (AUM) 仍然很大，目前徘徊在 247 億美元左右。

Optimistic Bet: Future Price Surge

樂觀押注：未來​​價格飆升

Moreover, Bianco suggests that Grayscale's unwavering commitment to high fees stems from an optimistic outlook on Bitcoin's future price trajectory. The belief is that as Bitcoin's value skyrockets, the fee burden will pale in comparison to potential gains, compensating for the outflows and maintaining Grayscale's profitability.

此外，Bianco 表示，Grayscale 對高額費用的堅定承諾源於對比特幣未來價格軌蹟的樂觀前景。人們相信，隨著比特幣價值的飆升，與潛在收益相比，費用負擔將顯得蒼白無力，從而補償資金外流並維持灰度的獲利能力。

Counterargument: Downside Risk

反駁：下行風險

However, Bianco cautions that this strategy could backfire if Bitcoin's price plummets. Intensified selling pressure on GBTC could ensue, and investors may opt to exit their positions permanently once the tax burden is no longer a deterrent.

然而，比安科警告說，如果比特幣價格暴跌，這種策略可能會適得其反。 GBTC 的拋售壓力可能會加劇，一旦稅收負擔不再成為阻礙因素，投資者可能會選擇永久退出頭寸。

Analyst Perspective: Low Inflows

分析師觀點：資金流入量較低

Bloomberg ETF analyst Eric Balchunas shares Bianco's skepticism, arguing that the likelihood of significant inflows into GBTC is slim. He predicts that while sporadic large outflows may occur, the overall AUM will gradually decline. Nonetheless, he believes Grayscale's financial stability remains intact if Bitcoin's value continues its upward trend.

彭博 ETF 分析師 Eric Balchunas 與 Bianco 持相同的懷疑態度，認為大量資金流入 GBTC 的可能性很小。他預計，雖然可能會出現零星的大筆資金流出，但整體AUM將逐漸下降。儘管如此，他認為，如果比特幣的價值繼續呈上升趨勢，灰度的財務穩定性仍然完好無損。

Grayscale's Rationale: Multifaceted Considerations

灰階的基本原理：多方面的考慮

Grayscale's adherence to high fees despite the ongoing outflows is driven by a complex interplay of factors, including:

儘管資金持續外流，灰度仍堅持收取高額費用，這是由複雜的相互作用因素驅動的，包括：

• Maintaining revenue streams
• Shielding itself from unforeseen competition
• Supporting its affiliate Genesis, a crypto lending platform utilizing GBTC shares as collateral

Conclusion: Uncertain Future

維持收入流保護自己免受不可預見的競爭支持其附屬公司 Genesis，一個利用 GBTC 股票作為抵押品的加密借貸平台結論：不確定的未來

The future trajectory of Grayscale's GBTC remains uncertain. The interplay of market dynamics and internal strategic considerations will shape the fund's pricing and performance. Investors should carefully weigh the risks and rewards before committing capital to GBTC or any other Bitcoin ETF.

Grayscale 的 GBTC 未來軌跡仍不確定。市場動態和內部策略考量的相互作用將影響基金的定價和績效。在將資金投入 GBTC 或任何其他比特幣 ETF 之前，投資者應仔細權衡風險和回報。