According to , an updated S3 filing, asset manager Grayscale dropped its 2% fee on management to just 1.5%.

Grayscale, with $27 billion of assets under management, announced that it would add Jane Street, Virtu Capital, Macquarie Capital, and ABN AMRO Clearing to its authorized participants list.

Michael Sonnenshein CEO of Grayscale Investments said, “We conducted a lot of research in order to compare the fees of similar products, such as spot-based ETFs and futures ETFs, in regions around the globe that had been the first to offer bitcoin via the ETF wrapper.”

Sonnenshein refused to comment on other ETFs such as BlackRock which announced that its fee would start at 0.20% and rise to 0.30%.

Sonnenshein continued, “It is not surprising that all of the new issuers are coming to market in the US and engaging in a war on fees, in a race for the bottom. They’re all starting at the beginning, hoping to gain assets from their investors.”

Parikshit Miishra is the editor.