Digital asset manager Grayscale has filed an application with the SEC for a new spinoff product called the Bitcoin Mini Trust. If approved, it will use the $BTC ticker.<\/p>\n The filing outlines plans to distribute a portion of GBTC shares to seed the Bitcoin Mini Trust. GBTC is Grayscale\u2019s flagship fund with over $27 billion in assets.<\/p>\n While the fee structure of the proposed ETF is yet to be made public, Coindesk reports<\/a> that it is likely to compete with existing low-cost ETFs. The spinoff is not expected to be a taxable event for GBTC holders.<\/p>\n <\/p>\n \u201cPending approval, we plan for this new ETF to launch with a materially lower fee. This would be net-positive for existing GBTC investors, who would benefit from a lower blended fee with the same exposure to Bitcoin, spanning ownership of shares of both $GBTC and $BTC,\u201d the company said<\/a> on X.<\/p>\n Grayscale is planning to launch the Bitcoin Mini Trust after GBTC has seen more than $11 billion<\/a> in outflows since the launch of nine spot Bitcoin ETFs. BlackRock\u2019s IBIT charges an annual fee of 0.12%, while Fidelity\u2019s FBTC offers zero fees until July. Meanwhile, GBTC\u2019s fees are the highest among all Bitcoin spot ETF products at 1.5%.<\/p>\n The proposed Bitcoin Mini Trust is part of Grayscale’s efforts to expand the accessibility of digital asset investments and make Bitcoin more widely available. The SEC filing is a crucial step in establishing the Bitcoin Mini Trust as a separate entity from GBTC.<\/p>\n Bitcoin is trading at around $70,000 at the time of writing, down 3% on the day.<\/p>\n
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