Grayscale Bitcoin Mini Trust ETF Approved by SEC, Set to Launch Next Week
Jul 27, 2024 pm 12:52 PM
The fund, which is scheduled to begin trading next Wednesday, is designed to offer investors a more affordable alternative to Grayscale's existing Bitcoin Trust (GBTC).
Grayscale Investments has obtained approval from the U.S. Securities and Exchange Commission (SEC) to launch its Grayscale Bitcoin Mini Trust ETF on the New York Stock Exchange’s Arca platform.
The fund, set to begin trading next Wednesday, aims to provide investors with a more accessible alternative to Grayscale's flagship Bitcoin Trust (GBTC).
According to the July 26 filing, the Grayscale Bitcoin Mini Trust will carry a management fee of only 15 basis points, substantially lower than the 1.5% annual fee charged by GBTC. This fee structure aligns with Grayscale's recent launch of the Grayscale Ethereum Mini Trust, which also emphasizes reduced costs for investors.
The approval was confirmed by Nate Geraci, president of The ETF Store, who tweeted, “Spinoff from GBTC set to happen next Wednesday (date of record is Tuesday).” The tweet also highlights the fund's status as the lowest-cost spot Bitcoin ETF at 15 basis points.
On July 31, Grayscale plans to transfer 10% of the Bitcoin held by GBTC into the new Mini Trust. Existing GBTC shareholders will receive shares in the Mini Trust пропорционально to their current holdings.
This approval follows Grayscale's July 19 announcement regarding the spin-off, which mirrors a similar move with its Ethereum fund earlier this month. The introduction of the Bitcoin Mini Trust is expected to enhance the appeal of Grayscale's offerings and provide a more cost-efficient vehicle for Bitcoin investment.
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