Grayscale Investments®, the world’s largest crypto asset manager*, offering more than 20 crypto investment products, announced that Grayscale Bitcoin Mini Trust (Ticker: BTC) has begun trading on NYSE Arca on July 31 as of 4:00 AM ET as a spot Bitcoin ETP.
Grayscale Bitcoin Mini Trust (“BTC”) is not a fund registered under the Investment Company Act of 1940 and is not subject to regulation under the Investment Company Act of 1940, unlike most mutual funds or ETFs. Investing involves significant risk, including possible loss of principal. The Trust may not be suitable for all investors.
BTC launched as the lowest fee** spot Bitcoin ETP through the innovative mechanics of initial seeding by distributing 10% of GBTC’s underlying Bitcoin to BTC. As such, BTC commences trading with a NAV per share of $5.84, a diversified investor base, and $1.7B AUM as of July 30, 2024. BTC’s distribution event is colloquially known as a “spin-off,” and is a corporate action that is not expected to be a taxable event for GBTC nor any beneficial owner of GBTC shares as of the previously announced Record Date of July 30, 2024. Investors are encouraged to consult a tax advisor for related tax guidance.
“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,” said David LaValle, Senior Managing Director, Head of ETFs at Grayscale. “Grayscale is proud to continue innovating in the ETP wrapper at the benefit of our investors and the broader market, and we remain unwaveringly committed to championing the opportunities of Bitcoin and the entire crypto asset class.”
Grayscale has more than a decade-long history managing GBTC – a pioneering Bitcoin fund and it’s a historic lawsuit victory that helped pave the way for all U.S. crypto ETPs to come to market. The Grayscale team is committed to creating future-forward investment offerings to meet clients wherever they are on their investing journey.
“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,” said John Hoffman, Managing Director, Head of Distribution & Strategic Partnerships at Grayscale. “With built-in liquidity, a diversified shareholder base, and an accessible share price, BTC is one of the most efficient tools for investors and financial professionals seeking to add low cost, long-term exposure to Bitcoin to their investment account.”
For additional information about BTC, please visit: https://etfs.grayscale.com/BTC.
*By AUM as of July 30, 2024
**Lowest cost based on fee of 0.15% compared to other similar products. Brokerage fees and other expenses may still apply.
Source: Grayscale
Grayscale Bitcoin Mini Trust is now LIVE…
Lowest cost spot bitcoin ETF at 15bps.
BTC ticker.
Approx $6 price handle.
Nearly $2bil AUM.
Very interested to watch this one. https://t.co/MRhZ9ZYlrg pic.twitter.com/0vP1zgYNXD
— Nate Geraci (@NateGeraci) July 31, 2024
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