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Grayscale Investments, a leading name in cryptocurrency asset management, has unveiled the Grayscale Bitcoin Mini Trust (BTC), now trading on NYSE Arca. This new spot Bitcoin ETP, noted for having the lowest fees, marks a significant advancement in accessible crypto investment vehicles. BTC, which has not registered under the Investment Company Act of 1940, kicks off with a NAV per share of $5.84 and manages a robust $1.7 billion in assets.
During its launch, BTC was funded by distributing 10% of GBTC’s underlying Bitcoin, allowing it to begin trading with a diversified investor base immediately. This strategic move, referred to as a “spin-off,” ensures that the event remains non-taxable for both GBTC and its shareholders. David LaValle, Grayscale’s Senior Managing Director, highlighted the firm’s ongoing commitment to innovating within SEC-regulated frameworks to make Bitcoin more accessible.
Grayscale’s legacy of leadership in crypto investments is well recognized, with over a decade of managing GBTC and introducing the first U.S. Bitcoin ETP. John Hoffman, Managing Director at Grayscale, emphasized that the new Bitcoin Mini Trust is designed to meet the diverse needs of investors, offering an effective and low-cost option for those looking to increase their Bitcoin exposure.
