February 19, 2022
The management fees for Grayscale Bitcoin Trust \"GBTC\" as a closed end fund (traded on OTC markets) are onerous to the retail investor if held in an account outside of a retirement account. These fees trigger a taxable event (which can be avoided if kept in a retirement account). Most retail investors are unaware of the burden of this fee (until tax season) when purchasing GBTC in a standard brokerage account. Converting GBTC to an ETF will get rid of this onerous burden to the retail investor.