Wednesday

Bitcoin

David Vance

Coin

<ul>
 <li><strong>The BTC Trust is designed to be a “spin-off” of Grayscale’s GBTC.</strong></li>
 <li><strong>Grayscale’s introduction of the BTC Trust marks another step in its evolution.</strong></li>
</ul>
<p>Grayscale Investments has officially launched its Grayscale Bitcoin Mini Trust (BTC), which began trading at 4 a.m. ET on Wednesday on NYSE Arca. This development follows the SEC’s approval of the 19b-4 form for the new product last week. The BTC Trust is designed to be a “spin-off” of <a href="https://thenewscrypto.com/grayscale-moves-486m-eth-amid-ethereum-etf-setback/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s</a> GBTC, with new shares distributed to GBTC shareholders as a portion of bitcoin is transferred to the new trust.</p>
<p>Zach Pandl, head of research at Grayscale, expressed optimism about the product’s potential, stating that the low-cost exposure to <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> is likely to attract significant investor interest. He noted that the product’s launch comes at a time of heightened mainstream attention on crypto, driven by factors such as the <a href="https://thenewscrypto.com/federal-reserve-ends-enforcement-actions-against-silvergate-bank/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve’s</a> expected rate cuts and political developments influencing the U.S. dollar.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Grayscale is excited to announce the launch of Grayscale Bitcoin Mini Trust, ticker: <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>. BTC comes to market as a spin-off of our flagship fund <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a>, and at the ultra-low cost of 0.15%. <a href="https://t.co/nOrdAPCKTj" rel="noopener noreferrer nofollow">pic.twitter.com/nOrdAPCKTj</a></p>— Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1818587919973859814?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>Moreover, the BTC Trust, launching with a NAV per share of $5.84 and a diversified investor base, offers a lower fee structure compared to other spot Bitcoin exchange-traded products. It is not regulated under the Investment Company Act of 1940, which distinguishes it from typical mutual funds or ETFs.&nbsp;</p>
<h3 class="wp-block-heading" id="h-a-milestone"><strong>A Milestone?</strong></h3>
<p>As of July 30, 2024, it has assets under management (AUM) of $1.7 billion. The trust’s spin-off from GBTC is not anticipated to be a taxable event for shareholders, but investors should consult their tax advisors for guidance.</p>
<p>David LaValle, Senior Managing Director and Head of ETFs at Grayscale, highlighted the company’s long-standing commitment to Bitcoin and its transformative potential. He emphasized that the new BTC Trust aims to lower barriers to Bitcoin access through an SEC-regulated investment vehicle.</p>
<p>Grayscale’s introduction of the BTC Trust marks another step in its evolution, leveraging over a decade of experience managing GBTC to offer innovative investment solutions to clients.</p>
<p><strong>Highlighted Crypto News Today:</strong></p>
<p><a href="https://thenewscrypto.com/will-binance-coin-bnb-break-through-the-600-barrier/" target="_blank" rel="noopener noreferrer nofollow">Will Binance Coin (BNB) Break Through the $600 Barrier?</a></p>

Grayscale Officially Launches Bitcoin Mini Trust on NYSE Arca

Table of Contents

TheNewsCrypto

Other articles published on Jul 31, 2024

Compound Finance Faces Scrutiny After Controversial Proposal 289 Passes

Only Minutes to Go – FED to Announce Interest Rate Decision – Here are the Latest Information and...

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

AI Meramal Harga Bitcoin (BTC) Pasca Pembayaran Mt. Gox

Will JASMY Hit $1? Analyzing Market Predictions

BlockDAG’s Powerhouse Team: Harvard Alumni, Tech Moghuls, & Best-Selling Authors Drive Presale Cl...

Join our free newsletter for daily crypto updates!