- Grayscale announced the launch of its Bitcoin Mini Trust, $BTC, on NYSE Arca on Wednesday.
- $BTC went live at NAV per share of $5.84 and had $1.7 billion in assets under management as of July 30, 2024.
Grayscale has announced that its Grayscale Bitcoin Mini Trust, a spinoff of its exchange-traded fund GBTC, is now live on NYSE Arca.
The new exchange-traded product that trades under the ticker $BTC went live as a spot Bitcoin ETF on July 31, 2024 at 4:00 am ET, Grayscale said 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, said.
Grayscale’s $BTC has lowest fees
Describing what the GBTC spinoff is, Bloomberg ETF analyst James Seyffar likened it to a dividend. However, instead of cash, GBTC holders get shares of the new “mini ETF.”
People, people, people !! This isn't *that* hard. The $GBTC spinoff into $BTC is similar to a dividend but rather than getting cash you are getting shares of a new mini ETF https://t.co/7G3vxI51KH
— James Seyffart (@JSeyff) July 30, 2024
Grayscale’s Bitcoin Mini Trust offers the lowest fee among the spot Bitcoin ETFs at 0.15%. The asset manager’s bitcoin mini trust etf is similar its spinoff of the Grayscale Ethereum Trust, $ETHE, to Grayscale Etherum Mini Trust, $ETH. The SEC approved the spot Ethereum ETFs for trading this month.
$BTC’s launch comes after the initial seeding of 10% distribution from GBTC’s underlying Bitcoin. This sees $BTC hit the market with a net asset value of $5.84 per share.
As of July 30, 2024, the fund accounted for $1.7 billion in assets under management.
“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.