-
Grayscale’s
new
ETF
product,
the
Bitcoin
Mini
Trust,
has
set
fees
at
0.15%. -
Grayscale
said
it
will
contribute
10%
of
Grayscale
Bitcoin
Trust
(GBTC)
assets
to
the
Bitcoin
Mini
Trust
(BTC).
-
08:42
Bitcoin
Ecosystem
Developments
in
2023
as
BTC
Hits
Fresh
2023
High -
01:10
Bitcoin
Extends
Rally
as
$1B
in
BTC
Withdrawals
Suggests
Bullish
Mood -
1:02:43
Why
Financial
Advisors
Are
So
Excited
About
a
Spot
Bitcoin
ETF -
02:21
When
Could
Traders
See
the
Arrival
of
a
Spot
Bitcoin
ETF?
Grayscale,
which
currently
offers
the
highest-cost
spot
bitcoin
ETF,
revealed
that
a
planned
spinoff
version
of
the
fund
will
have
a
0.15%
fee,
which
would
be
the
lowest
of
them
all,
according
to
pro
forma
financials
in
its
latest
filing.
The
existing
Grayscale
Bitcoin
Trust
(GBTC)
has
a
1.5%
fee.
When
Grayscale’s
Bitcoin
Mini
Trust
(BTC)
is
introduced,
the
filing
says
the
company
will
contribute
10%
of
the
assets
in
GBTC
to
the
BTC
Trust.
Shares
of
the
BTC
trust
are
to
be
issued
and
distributed
automatically
to
holders
of
GBTC
shares.
(The
pro
forma
financial
statements
are
projections
of
future
expenses
and
revenues,
based
on
a
company’s
past
experience
and
future
plans.)
Grayscale’s
Bitcoin
Mini
Trust
was
conceived
to
offer
GBTC
investors
a
lower
fee
option
that’s
more
competitively
in
line
with
other
bitcoin
ETFs
approved
back
in
January.
Currently,
the
Franklin
Bitcoin
ETF
(EZBC)
at
0.19%
is
the
lowest-cost
spot
bitcoin
ETF.
The
Grayscale
spinoff
is
also
considered
a
non-taxable
event
for
GBTC’s
existing
shareholders,
so
those
investors
will
not
be
expected
to
pay
capital-gains
tax
to
automatically
transfer
into
the
new
fund.
Some
early
stage
GBTC
investors
with
gains
in
the
thousands
of
percentages
would
face
a
significant
taxable
event
to
switch
to
a
competitor
product
with
a
lower
fee.
Grayscale’s
GBTC
appeared
over
a
decade
ago,
originally
offered
through
a
private
placement.
In
mid-2015,
the
shares
began
trading
publicly
on
an
over-the-counter
basis.
This
continued
until
January
2024
when
GBTC
uplisted
to
NYSE
Arca
as
a
spot
bitcoin
ETF,
along
with
competition
products
from
other
companies
including
BlackRock
and
Fidelity.
Grayscale’s
current
assets
under
management
stands
at
around
$19.6
billion;
its
nearest
rival,
which
is
BlackRock’s
IBIT
fund,
has
grown
to
just
over
$17.5
billion.
CORRECTION
(April
20,
2024,
20:44
UTC):
Removes
reference
to
the
number
of
bitcoin
that
would
be
moved
from
GBTC
to
the
new
fund.