Asset management firm Grayscale has disclosed new details about its new Bitcoin Mini Trust fund, a \u201cspin-off\u201d of the GBTC exchange-traded fund (ETF). The new fund, which was first announced in March, is expected to operate independently and offer a cost-effective investment option to GBTC shareholders.<\/p>\n
According to a recent filing<\/a> with the United States Securities and Exchange Commission (SEC), asset manager Grayscale plans to set the fees for its new Bitcoin Mini Trust at one-tenth of the current 1.5% fee for GBTC.\u00a0<\/p>\n The 0.15% fee would make the fund the cheapest amongst the 11 Bitcoin ETFs approved in early January, followed by Franklin Templeton\u2019s fund at 0.19%.<\/p>\n The filing revealed that Grayscale intends to disburse 63,620 bitcoins, or 10% of the Bitcoin held by GBTC at the beginning of the year (equivalent to roughly $4 billion), towards the Mini Trust\u2019s initial distribution.\u00a0<\/p>\n This $4 billion distribution would make the fund the fourth-largest Bitcoin spot ETF by asset under management (AUM), behind BlackRock\u2019s IBIT, Fidelity FBTC, and Grayscale\u2019s GBTC itself.<\/p>\n As earlier reported by Bitrabo, existing GBTC shareholders will receive stock in Grayscale Mini Trust. The asset manager plans to list the fund on the New York Stock Exchange Arca under the ticker \u201cBTC\u201d and expects the product to begin trading on the exchange immediately after the initial distribution.<\/p>\n Bloomberg ETF analyst Eric Balchunas took to the X<\/a> platform to share his opinion on the latest update on Grayscale\u2019s new Mini Trust. \u201cThis is pro-forma financials and, as such, hypothetical,\u201d Balchunas wrote in a post on X.<\/p>\n For context, pro forma financials refer to a collection of financial statements that use hypothetical assumptions to support investment proposals. This means that there might still be some changes before the fund starts trading.<\/p>\n UPDATE: so this is pro-forma financials and as such hypothetical. It doesn’t nec mean $BTC<\/a> will be 15bps. But the good news is they had to pick a number for this and knew ppl would be watching and they decided on 15bps. Anyway, do with that what you will. Updates as I get them!\u2026<\/p>\n<\/span>The Numbers Are Still Hypothetical: Bloomberg Analyst<\/strong><\/span><\/h2>\n
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