Grayscale's Bitcoin MiniTrust ($BTC) Lists on NYSE Arca

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  • Grayscale introduced the launch of Bitcoin MiniTrust ($BTC) on NYSE Arca on Wednesday.
  • $BTC launched at a web asset worth of $5.84 per share and has $1.7 billion in property beneath administration as of July 30, 2024.

Grayscale introduced that the Grayscale Bitcoin Mini Belief, a by-product of its GBTC exchange-traded fund, has begun buying and selling on the NYSE Arca.

The brand new exchange-traded fund, buying and selling beneath the ticker “$BTC,” will launch as a spot Bitcoin ETF on July 31, 2024 at 4 a.m. ET, Grayscale stated in a press launch.

“The Grayscale crew has believed within the transformative potential of Bitcoin for the reason that unique launch of GBTC in 2013. We’re excited to launch the Grayscale Bitcoin Mini Belief to additional decrease the barrier to accessing Bitcoin in an SEC-regulated funding car,” stated David LaValle, senior managing director and head of ETFs at Grayscale.

Grayscale's $BTC has the bottom charges

Bloomberg ETF analyst James Safer likened the GBTC spinoff to a dividend, however as an alternative of money, GBTC holders would obtain shares in a brand new “mini-ETF.”

Grayscale's Bitcoin Mini Belief affords the bottom charges of any spot Bitcoin ETF at 0.15%. The asset supervisor's Bitcoin Mini Belief ETF is just like Grayscale Ethereum Mini Belief ($ETH), which is an offshoot of Grayscale Ethereum Belief ($ETHE). The SEC authorised buying and selling for the spot Ethereum ETF this month.

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The launch of $BTC comes after an preliminary seeding of a ten% distribution from GBTC's underlying Bitcoin, which can see $BTC enter the market with a web asset worth of $5.84 per share.

As of July 30, 2024, the fund has $1.7 billion in property beneath administration.

“With greater than a decade of expertise managing its flagship Bitcoin fund, GBTC, Grayscale is well-positioned to introduce the primary U.S. 'mini' Bitcoin ETP, increasing Grayscale's various product suite to fulfill the wants of all shoppers thinking about crypto investing,” added John Hoffman, MD, head of distribution and strategic partnerships at Grayscale.

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