If approved, the Bitcoin Mini Trust will use the $BTC ticker and be equipped with GBTC shares.
Digital asset manager Grayscale has filed with the SEC for a new spin-off product called Bitcoin Mini Trust. If approved, the ticker $BTC will be used.
SEC Form S-1
The filing outlines plans to distribute a portion of GBTC shares to create the Bitcoin Mini Trust. GBTC is Grayscale's flagship fund with over $27 billion in assets.
While the fee structure of the proposed ETF has not yet been released, Coindesk reports that it will likely compete with existing low-cost ETFs. The spin-off is not expected to be a taxable event for GBTC holders.
“Pending approval, we plan to launch this new ETF with a significantly lower fee. “This would be a net positive for existing GBTC investors who would benefit from a lower overall fee for the same Bitcoin exposure, which includes owning shares of both $GBTC and $BTC,” the company said on X.
Grayscale plans to launch Bitcoin Mini Trust after GBTC saw more than $11 billion in outflows since launching nine spot Bitcoin ETFs. BlackRock's IBIT charges a 0.12% annual fee, while Fidelity's FBTC offers no fees until July. Meanwhile, GBTC's fees are the highest among all Bitcoin spot ETF products at 1.5%.
The proposed Bitcoin Mini Trust is part of Grayscale's efforts to expand the accessibility of investing in digital assets and make Bitcoin more widely available. The SEC filing is a crucial step in establishing the Bitcoin Mini Trust as a separate entity from GBTC.
Bitcoin is trading at around $70,000 at the time of writing, down 3% on the day.
BTC price
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