Summary
Grayscale is planning to launch a new fund called the Grayscale Bitcoin Mini Trust (BTC) with lower fees than GBTC. The fund will require SEC approval before launching and will not be a taxable event for shareholders. This approach is unique in the ETF industry and aims to help long-term GBTC holders. The fund will seed BTC with a percentage of bitcoins allocated to the new fund.
Key Points
1. Grayscale is seeking to launch a new, smaller fund based on GBTC.
2. The Securities and Exchange Commission will need to approve the fund before it can officially launch.
3. The fee for BTC will be lower than GBTC’s 1.5% fee, and would be competitive with the other bitcoin ETF fees.