Grayscale Bitcoin Trust Faces Outflows, Promises Lower Fees

• Grayscale CEO claims GBTC outflows reaching "equilibrium" though $155M exited fund yesterday • Attributes outflows to forced selling from crypto bankruptcies and investor "switch trades" • GBTC fees (1.5%) much higher than rival Bitcoin ETFs (as low as 0%); promises lower fees in future • Filed for Bitcoin "Mini Trust" to stem GBTC outflows, pending regulatory approval • If current pace continues, fund expected to run out of Bitcoin by early July 2023