GBTC 失去了最大比特币 ETF 的桂冠：灰度会转向吗？

今年早些时候，我报道了灰度比特币信托 ETF（NYSEARCA：GBTC）以及其他比特币 ETF。当时，GBTC ETF 是资产管理规模（AUM）最大的比特币 ETF

Earlier this year, I covered the Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) as well as other Bitcoin ETFs. Back then, the GBTC ETF was the largest Bitcoin ETF by Asset Under Management (AUM), despite its uncompetitive 1.50% expense ratio, more than 5 times higher than competition.

今年早些时候，我报道了灰度比特币信托 ETF（NYSEARCA：GBTC）以及其他比特币 ETF。当时，GBTC ETF 是资产管理规模（AUM）最大的比特币 ETF，尽管其 1.50% 的费用率缺乏竞争力，比竞争对手高出 5 倍多。

The situation in terms of AUM has changed since April, and significant outflows from the Grayscale Bitcoin ETF (worth around 20% of the fund) have made GBTC lose its crown in favor of the iShares Bitcoin Trust ETF (IBIT). Grayscale’s GBTC ETF is still the second-largest Bitcoin fund at the time of writing, and now competes with Fidelity Wise Origin Bitcoin Fund ETF (FBTC) for the third place on the podium by AUM.

自 4 月份以来，AUM 方面的情况发生了变化，灰度比特币 ETF（价值约 20% 的基金）的大量资金流出使 GBTC 失去了桂冠，取而代之的是 iShares 比特币信托 ETF（IBIT）。截至撰写本文时，Grayscale 的 GBTC ETF 仍然是第二大比特币基金，目前按 AUM 计算，与 Fidelity Wise Origin Bitcoin Fund ETF (FBTC) 争夺领奖台上的第三位。

Prior to its conversion to an ETF in 2024, the Grayscale Bitcoin Trust was launched in 2013 and represented one of the first publicly listed products that investors could use to get exposed to Bitcoin (BTC-USD). At the time, a 1.50% expense ratio was justified, in my view, given the lack of competition and how exotic Bitcoin was as an asset class. Nowadays, investors who have held GBTC when it was trading at a discount against its Bitcoin holdings have better options to cash out and/or hold onto their Bitcoin.

在 2024 年转换为 ETF 之前，灰度比特币信托基金于 2013 年推出，是投资者可用于投资比特币 (BTC-USD) 的首批公开上市产品之一。在我看来，当时 1.50% 的费用比率是合理的，因为缺乏竞争以及比特币作为一种资产类别的奇异性。如今，在 GBTC 相对于其持有的比特币打折交易时持有 GBTC 的投资者有更好的选择来兑现和/或持有比特币。

Given its history, I am still keeping an eye on GBTC to see whether Grayscale will pivot by lowering its fees to make the fund more competitive. I expect Grayscale to seriously consider this pivot, given how radically the market for Bitcoin financial products has changed since 2013. Three Bitcoin ETFs have already lowered their expense ratio since their launch earlier this year - something I will cover in the next section.

鉴于其历史，我仍在关注 GBTC，看看 Grayscale 是否会通过降低费用来提高该基金的竞争力。考虑到比特币金融产品市场自 2013 年以来发生的巨大变化，我预计 Grayscale 会认真考虑这一转变。自今年早些时候推出以来，三只比特币 ETF 已经降低了费用率 - 我将在下一节中介绍这一点。

However, at this point in time my recommendation concerning the GBTC ETF remains that of last time I covered this fund: I see no reason to invest in Bitcoin via GBTC, due to its very uncompetitive expense ratio. Investors who have it in their portfolio may opt to hold for a few more months, to see whether Grayscale will indeed review its expense ratio to promote the fund.

然而，目前我对 GBTC ETF 的建议仍然是我上次报道该基金时的建议：我认为没有理由通过 GBTC 投资比特币，因为其费用比率非常没有竞争力。将其纳入投资组合的投资者可能会选择再持有几个月，看看灰度是否确实会审查其费用比率以推广该基金。