I have a bit of GBTC in a retirement account. Right now, Grayscale takes 2% a year so if currently it’s about 1113 shares of GBTC per Bitcoin in their wallet(s), next year it will be about 1135 shares per Bitcoin. I’m assuming that once it’s converted into a ETF, that rate will come down some as they’ll have to be competing against Blackrock, Fidelity and others.

The poker analogy is almost right, but there the rake is typically capped. Blackrock and their ilk likely won’t have a cap. The house always wins.