The financial giant behind Grayscale Bitcoin Trust (GBTC) has filed a new BTC product with major U.S. securities regulators.
Grayscale is seeking to register a spin-off from GBTC called the Grayscale Bitcoin Mini Trust, according to a new filing with the U.S. Securities and Exchange Commission (SEC).
The new product is intended to allow investors to hold fractional ownership within a trust, and although the specific fee structure has not been disclosed, it is reported that fees will be lower than usual. There is.
Existing GBTC holders will spin off some of their holdings into a new Grayscale Mini Trust, which will trade under the ticker $BTC, according to Bloomberg ETF expert James Seifert.
Analysts say,
“It's happening! Grayscale has just filed to launch a 'Grayscale Bitcoin Mini Trust' with the expectation of competitive fees. It trades under the ticker $BTC and comes from a spin-off from $GBTC. This means that $GBTC holders will have some of their holdings spun off into $BTC…
The fee has not yet been disclosed and it is unclear what percentage of $GBTC will be spun off, but it is likely that some of these shares will be a tax-free event to enter cheaper, cost-competitive products. There is no doubt…
But using the spin-off mechanic was not something I expected or thought about. And it will definitely help long-term GBTC holders, especially taxable individuals who are stuck with potential capital gains tax implications. It's not a complete solution. However, it is much more useful than launching a standalone product from scratch.
First impression is that it's a good middle ground between helping customers and not reducing revenue. However, you should check the % and fees.
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