Grayscale, a leading asset management firm that specializes in cryptocurrency investments, is intensifying its efforts to expand its exchange-traded fund (ETF) offerings amid growing competition and shifting investor demands within the crypto ETF market.
The company’s CEO, Peter Mintzberg, recently disclosed that Grayscale has significantly accelerated the pace of product launches and regulatory filings. In comparison to a single product per month in 2024, Grayscale is currently rolling out or submitting up to five new ETF products per month in 2025.
This notable shift in strategy comes as Grayscale faces increased pressure on its traditional revenue sources, primarily due to fierce competition and diminishing margins. The Securities and Exchange Commission’s approval of spot Bitcoin ETFs in January last year—partially driven by Grayscale’s
legal efforts—effectively eliminated the management premium previously enjoyed by Grayscale’s flagship product, GBTC. The entry of industry heavyweights like Fidelity and BlackRock, offering similar products at much lower fees, has drawn investors away from GBTC, which still holds roughly $16 billion in assets under management but charges a comparatively steep 1.5% management fee.
In an attempt to address this challenge, Grayscale launched the “mini” GBTC ETF, charging a notably competitive 0.15% fee. To date, the “mini” version has successfully attracted $3.5 billion in investor funds. However, shrinking margins continue to push the firm to diversify its offerings beyond merely competing on fee structures.
Under the leadership of Mintzberg, who assumed the CEO role in August 2024, Grayscale has shifted its focus toward differentiated financial products capable of providing sustainable revenue streams. As a first step, the firm introduced two Bitcoin-focused ETFs utilizing covered call strategies earlier this month—the Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale Bitcoin Premium Income ETF (BPI). Both offerings aim to generate income from Bitcoin’s price movement, though the two funds differ slightly: BTCC centers on generating consistent option-driven returns from Grayscale’s existing Bitcoin ETFs, while BPI seeks not only income but also potential upside through selling out-of-the-money call options.
Mintzberg has also identified Ethereum staking products as another key revenue driver for Grayscale. Last year, Grayscale applied for regulatory approval to add staking to its Ethereum Trust ETF and Ethereum Mini Trust ETF, with a forthcoming SEC decision expected by June 1.
Furthermore, Grayscale is evaluating new ETFs that provide broader market exposure to various emerging cryptocurrencies and token trends. The company’s recently published Q2 2025 “Top 20” report reveals a strategic shift towards tokens that demonstrate substantial real-world applications. According to this report, Grayscale sees particular promise in assets linked to tokenization of real-world assets, decentralized physical infrastructure networks (DePIN), and blockchain-powered intellectual property projects. Notable tokens identified by Grayscale include Maple (SYRUP), Geodnet (GEOD), and Story Protocol (IP).
Grayscale’s aggressive expansion into diverse ETF offerings signals an adaptive strategy aimed at recapturing investor interest and positioning itself effectively amidst the rapidly evolving landscape of the cryptocurrency investment industry.
