Grayscale's Bitcoin Trust (GBTC) has outpaced BlackRock's iShares Bitcoin Strategy ETF (IBIT) in terms of revenue, despite a significant decline in GBTC's assets under management (AUM). GBTC's higher management fee of 1.5%, compared to IBIT's 0.25%, has contributed to its revenue advantage. Despite a 50% drop in AUM due to outflows, GBTC has generated nearly five times more revenue than IBIT. Currently, GBTC holds approximately $14 billion in AUM, resulting in $205 million in annual revenue. IBIT, with its $17 billion AUM, generates $42.5 million in annual revenue. The difference in revenue highlights the impact of management fees on investment products, particularly in the cryptocurrency market.
