Grayscale Investments submitted an application to the SEC on March 1, 2024, to establish a ‘mini’ Bitcoin Trust ETF.
This model aims to reduce operational costs, a potential boon to investors. However, Grayscale has yet to specify the expected decrease in fees.
The capital for the trust will come from a predetermined volume of already invested Bitcoin.
The plan is to list the trust on the NYSE Arca under the ticker “BTC”.
Upon launch, existing Grayscale investors will receive shares in the trust, though the distribution specifics have yet to be determined.
Grayscale views the introduction of this trust as a positive move for existing investors. It not only offers the potential for reduced costs but also maintains current Bitcoin exposure.
However, this trust is not a direct investment in Bitcoin.
It is an innovative tool designed to provide a simpler and more affordable approach for investors wanting exposure to the cryptocurrency.
This approach avoids the often high costs and complexities related to direct Bitcoin investment.
After Grayscale’s announcement, the value of the company’s shares rose by 2.2%. Meanwhile, the value of Bitcoin increased by 2.1%, reaching a new high of $72.9K.
