Nate Geraci, president of ETF Store, a consulting firm, said: "Assuming the price is reasonable, a strategic acquisition of a company like Grayscale makes a lot of sense for the right traditional ETF issuer." Although it's only been two weeks, the SpotBitcoin ETF track is already highly competitive, and given that the expense ratio is so low, it's clearly turned into a game of scale. Traditional ETF issuers can quickly increase assets under management, gain expertise in business operations, and gain some 'crypto credibility' by acquiring local companies in crypto funds. ”