Liliya Filakhtova
Grayscale Investments has filed with the Securities and Change Fee to launch a mini-version of its Grayscale Bitcoin Belief ETF (NYSEARCA:GBTC), esentially a by-product of the bigger ETF with decrease charges.
“Most notably, this new ETF can be designed to have a materially decrease price than GBTC,” Grayscale mentioned in a letter to buyers, with out specifying the price fee of the deliberate ETF.
A certain quantity of bitcoin (BTC-USD) backing GBTC shares would “seed” the brand new Grayscale Bitcoin Mini Belief, which the corporate expects to commerce on NYSE Arca underneath the “BTC” ticker.
The created shares of the brand new belief would then be distributed to Grayscale Bitcoin Belief ETF (GBTC) shareholders at a ratio of their holdings that hasn’t but been decided.
“We imagine this might be net-positive for current GBTC buyers, who would profit from a decrease blended price with the identical publicity to Bitcoin, spanning possession of shares of each GBTC and BTC,” the corporate famous.
The funding just isn’t a direct funding in bitcoin (BTC-USD), however is designed to supply buyers with “a cheap and handy solution to achieve funding publicity to bitcoin,” in keeping with BTC’s S-1 submitting.
“The Belief’s funding goal is for the worth of the shares (primarily based on bitcoin per share) to mirror the worth of the bitcoin held by the Belief, decided by reference to the Index Value, much less the Belief’s bills and different liabilities,” the corporate mentioned.
GBTC inventory gained 2.2% in Wednesday afternoon buying and selling, throughout a interval when bitcoin (BTC-USD) rose 2.1% to $72.9K.
