(MT Newswires) -- Michael Sonnenshein, CEO of Grayscale Investments, says that despite the recent withdrawal of $500m from the Grayscale Bitcoin Trust (GBTC). He points out that the fund still manages a portfolio of $28bn, making it the second-largest commodities ETF in the world. On its first day on the public market on the NYSE, GBTC distinguished itself by becoming the ninth most traded ETF in the United States. Sonnenshein justifies the 1.5% management fee, which some believe to be high, on the grounds of the fund's size, liquidity and track record.

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