Grayscale's latest ETF filing shows a fee cut

• The filing, which contains the prospectus for a converted GBTC, contains key details for launch, including the fee cut. (Axios Crypto has been expecting issuers to compete on fees)

Zoom in: As an ETF, GBTC will charge an annual fee of 1.5%, down from the 2% it charged as a trust.

• Notably, shareholder fees have been a boon for Grayscale, and its parent Digital Currency Group.
• FTX's Alameda filed a suit in March over them.

State of play: With 19b-4 amendments filed by exchanges Friday, more details from ETF issuers should start to roll in via amendments to their S-1s if the march to a commission vote continues.

• So far Invesco/Galaxy's Bitcoin ETF offers the best deal, 0% for the first $5 billion in assets over the first 6 mos.
• The current high is Hashdex's 0.94% annual fee, although GBTC's fee will surpass that if the ETF is approved.

Bottom line: The Bitcoin ETF fee wars have begun even as the ETFs still need the nod from regulators to launch.