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Grayscale is planning to launch a new product called the Grayscale Bitcoin Mini Trust (BTC), which will feature lower fees compared to its flagship GBTC spot bitcoin exchange-traded fund (ETF). In a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale seeks approval to allocate a portion of GBTC shares to seed the Bitcoin Mini Trust.
If approved, investors in GBTC would enjoy reduced overall fees without incurring capital gains tax upon transitioning to the new trust. The move aims to address concerns over GBTC’s comparatively high fees, especially in light of emerging competitors offering lower fee structures.
Grayscale’s decision to introduce a mini version of its ETF is not uncommon in the industry, but the approach of creating the fund via a corporate spinoff distinguishes it from typical offerings. Despite recent outflows from GBTC, the fund has maintained its asset value, benefiting from a bullish crypto market. However, with fee considerations becoming pivotal for registered investment advisors and broker networks, providing a more cost-effective alternative aligns with market demands.
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