The digital currency organization Grayscale Investments has two products, Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), which are both not formal exchange traded funds but earn revenues like ETF giants.The two trusts combined earn revenues right at about $1B. To put that into context, Vanguard, one of the world's largest ETF issuers, earns revenues also around $1B. The difference is that Grayscale Investments generates this level of revenue on two products that have assets under management of $47B, and Vanguard earns this level of revenue on 82 ETFs that total 1.7T AUM.Taking it a step further and market participants will realize this is quite an impressive level to reach for Grayscale Investments. The exchange traded fund universe represents about 2,500 funds that generate a total of roughly $12B in revenue. Essentially a little over half of the revenues made from ETFs go to BlackRock, Vanguard, and State Street.There