Grayscale Bitcoin Mini Trust Approved by SEC, Pending S-1 Registration
The U.S. Securities and Exchange Commission (SEC) has greenlighted the Grayscale Bitcoin Mini Trust, a scaled-down version of Grayscale’s flagship Bitcoin Trust (GBTC).
The approval, granted on Friday, specifically pertains to the 19b-4 form for the new trust, according to an official filing.
The mini trust, which will trade under the ticker symbol “BTC,” is envisioned as a spin-off from GBTC.
According to an S-1 filing from March, GBTC shareholders will receive new shares of the mini trust as GBTC allocates a portion of its bitcoin holdings to this new entity.
“The Commission finds that the proposals, similar to other exchange-traded products (ETPs) it has approved, are designed to ensure fair disclosure of information necessary for accurate pricing of the trust’s shares, prevent trading in opaque conditions, protect non-public material information about the trust’s portfolios, and maintain fair and orderly markets for the trust’s shares,” the SEC said.
Despite the SEC’s approval, Grayscale is still awaiting the effectiveness of the registration statement for the Grayscale Bitcoin Mini Trust.
At 0.15%, management fees for the Mini Trust are some 10x less than those of Grayscale’s older GBTC fund, which charges an annual fee equal to 1.5% of assets under management (AUM).
The development follows the SEC’s approval of 11 spot Bitcoin ETFs over seven months ago, which have collectively attracted millions of dollars.
More recently, the SEC also surprised the market by approving spot Ethereum ETFs.
Grayscale has received approval for both spot Ethereum and spot Bitcoin ETFs.
On July 8, Grayscale announced a similar move with its Grayscale Ethereum Trust (ETHE) ETF, with existing ETHE shareholders receiving proportional distributions
Read more on cryptonews.com
