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Grayscale Bitcoin Mini Trust Now Receives SEC Approval to Trade on NYSE Arca

Key Points:

Grayscale’s new Bitcoin Mini Trust, ticker BTC, has been approved by the SEC and will spin off from GBTC.
The Grayscale Bitcoin Mini Trust will have a management fee of 0.15%, significantly lower than GBTC’s 1.5%.
Grayscale awaits final approval of the Mini Trust’s registration statement, with a listing date to be announced.

The U.S. Securities and Exchange Commission has greenlighted a new Grayscale Bitcoin Mini Trust for Grayscale Investments, trading under the ticker BTC.

Grayscale Bitcoin Mini Trust Gets SEC Approval

The new trust is expected to be a spin-off of the already existing Grayscale Bitcoin Trust, GBTC. As part of the spin-off, 10% of GBTC’s Bitcoin will be transferred to the new Mini Trust. Thus, current GBTC shareholders will receive proportional allotments of Mini Trust shares so that they can maintain Bitcoin exposure in two funds.

The Grayscale Bitcoin Mini Trust will charge significantly less compared to GBTC for management fees. The 0.15% annual fee translates to management costs about one-tenth of the GBTC fee, which is 1.5%. This fee structure mirrors the recently introduced Grayscale Ethereum Mini Trust, charged at 0.15%.

Grayscale Awaiting Final Registration for Mini Trust

Grayscale will contribute part of GBTC’s Bitcoin to the Mini Trust on July 31, following their strategy to distribute proportional shares to the existing investors in GBTC. It follows in the footsteps of a similar move with Grayscale Ethereum Trust that saw it distribute shares proportionately in the new Ethereum Mini Trust.

The registration statement on Form S-1 for the Grayscale Bitcoin Mini Trust remains pending effectiveness, which is required to be offered to the public. Grayscale does not announce a particular listing date on the NYSE Arca but promises an update shortly. GBTC and ETHE from Grayscale are among the oldest, as well as largest, cryptocurrency investment funds domiciled in the United States, with the former handling more than $17 billion in assets.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.