Grayscale Bitcoin Mini Trust (BTC) Introduces New Product

Grayscale Investments introduced a new product on 31 July 2024: the Grayscale Bitcoin Mini Trust. This new offering introduced, which carries the ticker $BTC, is a spin-off of the company's existing Bitcoin exchange-traded fund (ETF), GBTC.

Grayscale, a leading digital currency asset manager, has introduced a new product: the Grayscale Bitcoin Mini Trust.

This new offering, which carries the ticker $BTC, is a spin-off of the company’s existing Bitcoin exchange-traded fund (ETF), GBTC.

The standout feature of this new ETF is its “ultra-low” fee of just 0.15%, positioning it as the most cost-effective Bitcoin ETF available in the US.

“Grayscale Bitcoin Mini Trust (BTC) is solely and passively invested in Bitcoin,” the company said. “Its investment objective is to reflect the value of Bitcoin held by the Trust, less expenses and other liabilities.”

The Grayscale Bitcoin Mini Trust was filed with the US Securities and Exchange Commission (SEC) earlier this year. Grayscale describes this new fund as a derivative of its existing, larger Bitcoin ETF. Both funds will operate independently in the financial market, but the Mini Trust is designed to offer lower costs to attract more investors and diversify their investment options.

In a blog post, Grayscale explains that current holders of GBTC will automatically receive one share of the Mini Trust for each share of the original fund they hold. This transition will not alter the value of investors’ portfolios but aims to provide them with more flexibility and lower fees.

The Grayscale Bitcoin Mini Trust will be traded primarily on NYSE Arca, a securities exchange known for its focus on ETFs.