Want to invest in Grayscale’s spot ETF? Here’s how

Grayscale CEO Michael Sonnenshein joins TheStreet to explain how you can invest in its new Bitcoin ETF and what separates theirs from the 10 others.

Transcript

00:00 All right, I want to get involved. Where do I start? Walk us through the basics, the essentials,

00:04 what people need to know, ticker symbol, all the fun stuff.

00:06 Sure. So ticker symbol, GBTC, G for Grayscale, BTC as the abbreviation for Bitcoin, GBTC.

00:14 You'll find it in your brokerage account, retirement account, you name it.

00:18 I think for a lot of people, and one of the ways that Grayscale has really differentiated itself

00:22 growing this market is really through education. There is a knowledge gap with investors.

00:28 And so if you visit grayscale.com, we've made a wealth of all kinds of information,

00:34 papers, long form, short form videos available because we want people to be making informed

00:39 investing decisions. And of course, the Grayscale team is always happy to help.

00:42 And there are 11 of these applications that long last had been approved. As you know,

00:46 the fee that you have at 1.5% is significantly higher than a lot of your other competitors.

00:52 And for people that are looking at the space and saying, well, maybe it's not an arc or a bit wise,

00:57 but hey, I got an option like BlackRock out there at 0.2%. What is your argument to people

01:02 now looking to get in off the sidelines who are looking at the offering you have for GBTC and

01:07 saying that fee is significantly higher than I might get with one of the other 10 options?

01:10 Sure. Well, there's a couple of things to say about fees. So number one, we have always

01:15 committed to investors that when we reach this uplisting, because it was always a matter of when,

01:20 not a matter of if, that we would reduce fees. And we made good on that promise. We reduced fees by

01:25 25%. In many ways, all the other issuers coming to market are creating a fee war amongst themselves.

01:33 They're starting from zero. They have no assets, no investor base, no trading volume. And so they

01:38 themselves are almost creating the market for these new assets. When I think about what sets

01:43 GBTC apart, though, is that it came to market as the second largest commodity ETF in the world,

01:50 $28 billion at AUM when it debuted this morning. And so when you think about GBTC's robust trading

01:57 volumes, the diversified investor base, the track record, and the fact that it's being brought and

02:02 administered by a crypto specialist firm that's been doing this for a decade, it definitely stands

02:07 apart and is a market leader as compared to some of these products coming to market.

02:11 Yeah.

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