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Bitcoin

David Vance

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<ul>
 <li><strong>The BTC Trust is designed to be a “spin-off” of Grayscale’s GBTC.</strong></li>
 <li><strong>Grayscale’s introduction of the BTC Trust marks another step in its evolution.</strong></li>
</ul>
<p>Grayscale Investments has officially launched its Grayscale Bitcoin Mini Trust (BTC), which began trading at 4 a.m. ET on Wednesday on NYSE Arca. This development follows the SEC’s approval of the 19b-4 form for the new product last week. The BTC Trust is designed to be a “spin-off” of <a href="https://thenewscrypto.com/grayscale-moves-486m-eth-amid-ethereum-etf-setback/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s</a> GBTC, with new shares distributed to GBTC shareholders as a portion of bitcoin is transferred to the new trust.</p>
<p>Zach Pandl, head of research at Grayscale, expressed optimism about the product’s potential, stating that the low-cost exposure to <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> is likely to attract significant investor interest. He noted that the product’s launch comes at a time of heightened mainstream attention on crypto, driven by factors such as the <a href="https://thenewscrypto.com/federal-reserve-ends-enforcement-actions-against-silvergate-bank/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve’s</a> expected rate cuts and political developments influencing the U.S. dollar.</p>
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  <p lang="en" dir="ltr">Grayscale is excited to announce the launch of Grayscale Bitcoin Mini Trust, ticker: <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>. BTC comes to market as a spin-off of our flagship fund <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a>, and at the ultra-low cost of 0.15%. <a href="https://t.co/nOrdAPCKTj" rel="noopener noreferrer nofollow">pic.twitter.com/nOrdAPCKTj</a></p>— Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1818587919973859814?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2024</a>
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<p>Moreover, the BTC Trust, launching with a NAV per share of $5.84 and a diversified investor base, offers a lower fee structure compared to other spot Bitcoin exchange-traded products. It is not regulated under the Investment Company Act of 1940, which distinguishes it from typical mutual funds or ETFs.&nbsp;</p>
<h3 class="wp-block-heading" id="h-a-milestone"><strong>A Milestone?</strong></h3>
<p>As of July 30, 2024, it has assets under management (AUM) of $1.7 billion. The trust’s spin-off from GBTC is not anticipated to be a taxable event for shareholders, but investors should consult their tax advisors for guidance.</p>
<p>David LaValle, Senior Managing Director and Head of ETFs at Grayscale, highlighted the company’s long-standing commitment to Bitcoin and its transformative potential. He emphasized that the new BTC Trust aims to lower barriers to Bitcoin access through an SEC-regulated investment vehicle.</p>
<p>Grayscale’s introduction of the BTC Trust marks another step in its evolution, leveraging over a decade of experience managing GBTC to offer innovative investment solutions to clients.</p>
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Grayscale Officially Launches Bitcoin Mini Trust on NYSE Arca

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