- Grayscale introduced the launch of its Bitcoin Mini Belief, $BTC, on NYSE Arca on Wednesday.
- $BTC went dwell at NAV per share of $5.84 and had $1.7 billion in belongings underneath administration as of July 30, 2024.
Grayscale has introduced that its Grayscale Bitcoin Mini Belief, a by-product of its exchange-traded fund GBTC, is now dwell on NYSE Arca.
The brand new exchange-traded product that trades underneath the ticker $BTC went dwell as a spot Bitcoin ETF on July 31, 2024 at 4:00 am ET, Grayscale mentioned in a press launch.
“The Grayscale group has believed in Bitcoin’s transformative potential since GBTC’s preliminary launch in 2013, and we’re excited to launch Grayscale Bitcoin Mini Belief to assist additional decrease the barrier to accessing Bitcoin in a SEC regulated funding car,” David LaValle, senior managing director, head of ETFs at Grayscale, mentioned.
Grayscale’s $BTC has lowest charges
Describing what the GBTC spinoff is, Bloomberg ETF analyst James Seyffar likened it to a dividend. Nevertheless, as a substitute of money, GBTC holders get shares of the brand new “mini ETF.”
Folks, folks, folks !! This is not *that* laborious. The $GBTC spinoff into $BTC is just like a dividend however moderately than getting money you might be getting shares of a brand new mini ETF https://t.co/7G3vxI51KH
— James Seyffart (@JSeyff) July 30, 2024
Grayscale’s Bitcoin Mini Belief provides the bottom price among the many spot Bitcoin ETFs at 0.15%. The asset supervisor’s bitcoin mini belief etf is analogous 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 web asset worth of $5.84 per share.
As of July 30, 2024, the fund accounted for $1.7 billion in belongings underneath administration.
“With greater than a decade of expertise managing our flagship Bitcoin fund, GBTC, Grayscale is nicely positioned to introduce the primary ‘mini’ Bitcoin ETP in the US, increasing Grayscale’s diversified product suite to satisfy the wants of each shopper focused on crypto investing,” John Hoffman, MD, head of distribution & strategic partnerships at Grayscale, added.
