June 26 (Cointime) - According to a research report by Bernstein, Grayscale's dominant position as the largest bitcoin asset management product may be threatened by Blackrock's filing for a spot bitcoin ETF in the US. Grayscale's BTC trust (GBTC) earns around $380 million in annualized fees despite being inefficient, illiquid, and trading at a significant discount.

If Blackrock and other asset managers are able to break through the spot ETF market, it would offer a more convenient and acceptable product for both retail and institutional players to gain bitcoin exposure. Bernstein notes that there is headroom for a compliant ETF to grow its share as a bitcoin on-ramp, and there is room to bring the pricing in line with more traditional asset ETFs.