Grayscale’s GBTC bitcoin holdings have halved in around three months since the U.S. spot bitcoin exchange-traded funds launched on Jan. 11.

In contrast to the newborn nine ETFs from BlackRock, Fidelity and others, Grayscale’s pre-existing Bitcoin Trust was converted into an ETF rather than launching from a standing start — holding around 619,220 BTC when spot bitcoin trading began.

GBTC also charges a much higher fee than its competitors — 1.5% compared to the current 0.12% fee for BlackRock’s IBIT, for example — with its bitcoin holdings subsequently falling approximately 50% to around 311,621, according to the fund’s disclosures as of Monday.

However, given the concurrent rise in bitcoin’s price since the spot ETFs launched, GBTC’s …