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Grayscale Investments has filed for a new financial product, the Grayscale Bitcoin Mini Trust, indicating a strategic expansion in its cryptocurrency offerings. This new trust aims to provide investors with exposure to Bitcoin at a lower cost than the existing Grayscale Bitcoin Trust (GBTC) shares, which are priced at $64. The Bitcoin Mini Trust, which will be listed on the NYSE Arca under the ticker $BTC, is designed to be seeded partly from the GBTC Trust, allowing GBTC holders to transition to the new trust "without tax hit" and for a "lower blended fee". The initiative, described as a "lower-fee $BTC ETF spin-off", is pending approval from the SEC. The move is seen as a response to investor demands for more cost-effective Bitcoin investment options and could potentially offer "competitive fees" compared to other Bitcoin ETFs.
⚠️ GRAYSCALE PURSUES SPIN-OFF OF SPOT BITCOIN ETF Full Story → https://t.co/A4FemIybG2 Digital asset manager Grayscale Investments said on Tuesday it was contemplating a spin-off of its spot bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust (GBTC), which has… https://t.co/I8cpAG2Cpx
JUST IN: Grayscale files for a #Bitcoin Mini Trust with the ticker $BTC This product would provide #Bitcoin exposure at a lower cost than their $64 GBTC ETF shares 👀 https://t.co/1K9AzoGlp4
Grayscale is seeking approval from the SEC to introduce the Grayscale Bitcoin Mini Trust, seeded by a percentage of GBTC shares. The Grayscale Bitcoin Mini Trust (BTC) will have lower fees and moving over from GBTC will not trigger a capital gains tax event.…