- Grayscale introduced the launch of its Bitcoin Mini Belief, $BTC, on NYSE Arca on Wednesday.
- $BTC went stay at NAV per share of $5.84 and had $1.7 billion in property beneath administration as of July 30, 2024.
Grayscale has introduced that its Grayscale Bitcoin Mini Belief, a derivative of its exchange-traded fund GBTC, is now stay on NYSE Arca.
The brand new exchange-traded product that trades beneath the ticker $BTC went stay as a spot Bitcoin ETF on July 31, 2024 at 4:00 am ET, Grayscale stated in a press release.
“The Grayscale team has believed in Bitcoin’s transformative potential since GBTC’s initial launch in 2013, and we are excited to launch Grayscale Bitcoin Mini Trust to help further lower the barrier to accessing Bitcoin in a SEC regulated investment vehicle,” David LaValle, senior managing director, head of ETFs at Grayscale, stated.
Grayscale’s $BTC has lowest charges
Describing what the GBTC spinoff is, Bloomberg ETF analyst James Seyffar likened it to a dividend. Nonetheless, as a substitute of money, GBTC holders get shares of the brand new “mini ETF.”
Folks, individuals, individuals !! This is not *that* onerous. The $GBTC spinoff into $BTC is just like a dividend however fairly than getting money you’re getting shares of a brand new mini ETF https://t.co/7G3vxI51KH
— James Seyffart (@JSeyff) July 30, 2024
Grayscale’s Bitcoin Mini Belief presents the bottom price among the many spot Bitcoin ETFs at 0.15%. The asset supervisor’s bitcoin mini belief etf is comparable its spinoff of the Grayscale Ethereum Belief, $ETHE, to Grayscale Etherum Mini Belief, $ETH. The SEC permitted the spot Ethereum ETFs for buying and selling this month.
$BTC’s launch comes after the preliminary seeding of 10% distribution from GBTC’s underlying Bitcoin. This sees $BTC hit the market with a internet asset worth of $5.84 per share.
As of July 30, 2024, the fund accounted for $1.7 billion in property beneath administration.
“With more than a decade of experience managing our flagship Bitcoin fund, GBTC, Grayscale is well positioned to introduce the first ‘mini’ Bitcoin ETP in the United States, expanding Grayscale’s diversified product suite to meet the needs of every client interested in crypto investing,” John Hoffman, MD, head of distribution & strategic partnerships at Grayscale, added.