Grayscale Investments has received approval from the U.S. Securities and Exchange Commission (SEC) to launch its new Grayscale Bitcoin Mini Trust ETF on the New York Stock Exchange’s Arca platform
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).
According to the July 26 filing, the Grayscale Bitcoin Mini Trust will feature management fees of just 15 basis points, significantly 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.
Nate Geraci, president of The ETF Store has confirmed the approval stating in a twee that the “Spinoff from GBTC set to happen next Wednesday (date of record is Tuesday)”
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 in proportion to their current holdings.
This approval follows Grayscale’s July 19 announcement about the spin-off, which also mirrors a similar move with its Ethereum fund earlier this month. The introduction of the Bitcoin Mini Trust is expected to enhance the attractiveness of Grayscale’s offerings and provide a more cost-effective vehicle for Bitcoin investment.
Also Read: Grayscale Transfers $1.01B Ethereum to Coinbase Prime
