Grayscale Launches Grayscale Bitcoin Mini Trust on NYSE Arca
Grayscale, the American cryptocurrency investment company, has announced the launch of the Grayscale Bitcoin Mini Trust, a spin-off of its Grayscale Bitcoin Trust ETF (GBTC). The Bitcoin Mini Trust began trading on the NYSE Arca on July 31 with a net asset value per share of $5.84 and $1.7 billion in assets under management.
The fees for the Grayscale Bitcoin Mini Trust are 0.15%, while brokerage fees and other expenses may still apply.
After launching its Bitcoin Spot ETF in January 2024, Grayscale is diversifying its offerings with the spin-off of its GBTC.
The Grayscale Bitcoin Mini Trust, positioned as a spin-off of the Bitcoin Spot ETF, is now listed on the NYSE Arca as an exchange-traded product (ETP) under the ticker BTC.
Grayscale explained that the Grayscale Bitcoin Mini Trust was established by distributing 10% of the underlying Bitcoin from GBTC to BTC, a process they describe as involving innovative mechanisms. The new Bitcoin Spot ETP began trading with a net asset value per share of $5.84 and $1.7 billion in assets under management as of July 30.
The initial funding of the fund took place yesterday, with the transfer of underlying assets from GBTC, causing concern among many uninformed observers.
The Grayscale ‘mini’ ETF, with the ticker BTC, is similar to its ‘mini’ Ethereum ETF with the ticker ETH and offers much lower fees than GBTC, with Grayscale seeking to recover some of the assets leaving its main ETF.
