Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'
Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'
Eric Balchunas, a renowned financial analyst, recently expressed skepticism about the potential success of Grayscale's Ethereum (CRYPTO: ETH) spot ETF due to its high fee structure.
著名的金融分析师Eric Balchunas最近对灰度以太坊（加密货币：ETH）现货ETF的潜在成功表示怀疑，主要是由于其高昂的费用结构。
What Happened: Grayscale submitted updated S-1 filings with the SEC Wednesday, revealing the all-important information about the fund management fee. The digital asset management giant will charge 2.5% for its Grayscale Ethereum Trust, significantly higher than its competitors. A miniature version of the fund, Grayscale Ethereum Mini Trust, will however charge 0.25%.
发生了什么：灰度向SEC提交了更新的S-1文件，在周三披露了有关基金管理费的重要信息。数字资产管理巨头将为其Grayscale以太坊信托收取2.5%的费用，高于其竞争对手。基金的微型版本，灰度以太坊迷你信托，将收取0.25%的费用。
Balchunas questioned these moves, asking whether the 0.25% fee would be low enough to attract sufficient organic flows to offset what he referred to as "The Big Unlock".
Balchunas对此提出了质疑，问0.25%的费用是否足够低以吸引足够的有机流入资金来抵消他所称的“大解锁”。他进一步推测市场上的新进入者的能力，以抵消旗舰版本高昂的费用，并与比特币（加密货币：BTC）进行平行。"无论如何，简短的故事是2.5%的费用让达到良好净流入数的路径有些困难，"Balchunas担心。
He further speculated on the ability of new entrants to the market to counterbalance the predicted outflows due to the flagship version's high fees, drawing a parallel with Bitcoin (CRYPTO: BTC). "Anyway short story is the 2.5% fee made path to a decent net flow number a little harder," Balchunas feared.
他进一步推测市场上的新进入者的能力，以抵消旗舰版本高昂的费用，并与比特币（加密货币：BTC）进行平行。"无论如何，简短的故事是2.5%的费用让达到良好净流入数的路径有些困难，"Balchunas担心。
Cheap but not sure cheap enough to move the needle (as most are cheaper and brand name BlackRock is same fee) to attract organic flows to offset The Big Unlock. And do these newborns have enough strength to offset those outflows a la btc. Anyway short story is the 2.5% fee made...
— Eric Balchunas (@EricBalchunas) July 17, 2024
便宜但不确定是否足够移动指针（大多数为更便宜且品牌名称为BlackRock的同一费用），以吸引有机流量抵消大解锁的影响。而这些新生儿是否有足够的实力来抵消BTC的那些流出。无论如何，简短的故事是2.5%的费用让...
金融分析师Eric Balchunas（@EricBalchunas）于2024年7月17日
Another well-known ETF expert, Nate Geraci, called this a "huge miss" by Grayscale, indicating that the mini trust should have been priced much lower. "Entire pricing strategy around both spot BTC & ETH ETFs seems focused on maximizing short-term revenue vs playing long game," Geraci stated.
另一位著名的ETF专家Nate Geraci称这是灰度的“巨大失误”，并表示迷你信托的价格应该要低得多。“围绕现货BTC和ETH ETF的整个定价策略似乎都集中在最大化短期收益而非长远发展上，”Geraci表示。
Btw, think this is *huge* miss by Grayscale...
— Nate Geraci (@NateGeraci) July 17, 2024
If you're gonna charge *2.5%* on ETHE, need to undercut market w/ mini trust.
Disappointing.
Entire pricing strategy around both spot btc & eth ETFs seems focused on maximizing short-term revenue vs playing long game.
顺便说一下，我认为这是灰度的“巨大失误”……
Nate Geraci（@NateGeraci）于2024年7月17日表示：
如果你要收取2.5%的ETH，就需要通过迷你信托来打破市场阻力。
令人失望。
围绕现货BTC和eth ETF的整个定价策略似乎都集中在最大化短期收益而非长远发展上。
Why It Matters: These criticisms come even as other funds, including the one by BlackRock, are priced much lower. The ishares Ethereum Trust will charge 0.25%, and so will the ETFs by Fidelity and Invesco.
为什么很重要：即使其他基金（包括黑石集团推出的基金）的定价要便宜得多，这些批评也在进行中。 iShares以太坊信托将收取0.25％的费用，Fidelity和Invesco的ETF也将收取0.25％的费用。
Grayscale, which already operates the Grayscale Bitcoin Trust (NYSE:GBTC), faced significant outflows pressure after launch due to its 1.5% fees, highest among all spot Bitcoin ETFs. Since launch, it has recorded net outflows of $18.69 billion as of this writing, according to SoSo Value.
灰度已经运营灰度比特币信托（NYSE：GBTC）之后，由于其1.5％的费用是所有现货比特币ETF中最高的，因此面临着显着的流出压力。自推出以来，根据SoSo Value的数据，它已经录得净流出186.9亿美元。
Grayscale's flagship Ethereum Trust, along with the mini Trust, are expected to go live for trading by July 23.
灰度的旗舰以太坊信托以及迷你信托预计将于7月23日开始交易。
Price Action: At the time of writing, Ethereum was exchanging hands at $3,423.79, down 1.55% in the last 24 hours, according to data from Benzinga Pro.
价格行动：截至撰写本文时，以太坊的交易价格为3423.79美元，较过去24小时下跌1.55％，根据Benzinga Pro的数据。
Illustration via Shutterstock.
插图via shutterstock。
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