Grayscale files document for ‘mini’ spot Bitcoin ETF

Asset manager Grayscale Investments recently filed to register a new ‘mini version’ of its Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF). On March 11, the company filed an S-1 form containing the proposal with the US Securities and Exchange Commission (SEC).

The request will be analyzed by the SEC whether it should be approved or not. If approved, the new product would be listed on the New York Stock Exchange and would operate independently of Grayscale’s GBTC fund.

The aim of the new fund is to offer GBTC investors tax-free exposure to Bitcoin, Bloomberg ETF analyst James Seyffart reported. The expert highlighted that the new ETF will be traded with the ticker “$BTC”, coming from a spin-off of $GBTC.

“Is happening! Grayscale just filed to launch the “Grayscale Bitcoin Mini Trust” hoping it will have a competitive fee. It will trade under the ticker $BTC and will come from a spin-off of $GBTC. This means that $GBTC holders will receive part of the spun-off $BTC holdings,” said Seyffart. “There is no disclosed rate yet or what % of $GBTC will be spun off, but I am sure this will be a non-taxable event for a portion of these shares to go into a cheaper, cost-competitive product.”

It’s happening! @Grayscale just filed to launch the “Grayscale Bitcoin Mini Trust” expecting this to have a competitive fee. It will trade under the ticker $BTC and will come from a spinoff from $GBTC. This means $GBTC holders will get some % of holdings spun off into $BTC. pic.twitter.com/JAKMcKfn5o

— James Seyffart (@JSeyff) March 12, 2024

It is worth remembering that, recently, one of the main cryptocurrency exchanges, Coinbase, and the asset manager Grayscale met with the US Securities and Exchange Commission (SEC) to discuss the request for its spot Ethereum ETF.

In a new round of negotiations with regulators last week, the companies continued to advance their plans to launch an Ethereum spot exchange-traded fund (ETF). A Coinbase presentation was published on the Agency’s website, which was presented at the meeting.

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