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GBTC vs Fidelity Crypto

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I know much cheaper options exist, but for the sake of comparison, let's assume these are the only two options. Let's also assume Grayscale and Fidelity are equally safe as custodians.

Option 1: Grayscale Bitcoin Trust (GBTC)

— Trading at discount, likely to be converted to ETF, at which point it will trade at NAV. Potential upside from conversion

— 2% annual fee currently, which is brutal. I assume fee will drop if/when spot ETFs are available so that Grayscale can remain competitive against BlackRock, Invesco, etc.

Option 2: Fidelity Crypto

— 1% spread (disguised commission) on buy/sell orders, otherwise no fees

Which of these options would you say is better at this point in time, assuming a buy and hold strategy (no selling) for the foreseeable future?

submitted by /u/Sweet-Block5118
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