Grayscale’s flagship crypto trusts reach annual revenue peak

The revenues of Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) in June totaled about $44.13 million. The last time the figure reached similar levels was in May 2022.

Inflows from GBTC reached $32.24 million, and from ETHE $11.89 million. At the time of writing, their AUM составляют $18.94 billion and $5.56 billion, respectively.

Meanwhile, the gap between the bitcoin trust’s trading price and its net asset value (NAV) recovered to levels of 31.32%. The discount on GBTC began forming as early as 2021 amid Barry Silbert stepping down as CEO.

The management fee for GBTC is 2% per year, and ETHE 2.5%.

In June, Grayscale Bitcoin Trust trading volume rose 400% — from $16.1 million to $80 million. The market reacted to BlackRock application to the United States Securities and Exchange Commission (SEC) to create a Bitcoin-ETF.

In October 2021, Grayscale sent a similar request. On December 17, the regulator delayed a decision on the petition to February 2022. On June 30, Grayscale filed suit against the SEC after a negative response.

In March, Grayscale chief Michael Sonnenshein said that transforming the bitcoin trust into an ETF was the top priority.

Grayscale also suggested that the Commission violated the law in approving futures-based ETFs tied to the first cryptocurrency.