Grayscale, a well-known name in cryptocurrency management, has revealed the launch of its Grayscale Bitcoin Mini Trust on NYSE Arca. This is part of a plan to make Bitcoin investments easier for more people. The new product, which started trading today under the symbol BTC, markets itself as a cheap way for buyers to get into Bitcoin.
One thing that sets the Grayscale Bitcoin Mini Trust apart from many of its competitors is its very low fee of 0.15%. From what Farside Investors says, most Bitcoin exchange-traded products (ETPs) on the market cost around 0.20%.
This makes Grayscale’s product one of the most reasonably priced in the field. This new trust will put pressure on Grayscale’s first Bitcoin product, the Grayscale Bitcoin Trust (GBTC), which has a high 1.5% fee.
Bitcoin Mini Trust Launch
A company called Grayscale wants to start the Bitcoin Mini Trust with 10% of the bitcoin that is already in the Grayscale Bitcoin Trust. The new product’s launch price is $5.84 per share, and the company’s first assets under control are worth $1.7 billion.
Senior Managing Director at Grayscale, David LaValle, was excited about the launch and said that the Bitcoin Mini Trust will “further lower the barrier to accessing Bitcoin in an SEC-regulated investment vehicle.” In contrast to regular mutual funds or exchange-traded funds (ETFs), he stressed that this product is not listed under the Investment Company Act of 1940 and therefore does not follow its rules.
The last time Grayscale did something like this was with its Ethereum goods. Last week, the Grayscale Ethereum Trust (ETHE) was turned into a spot Ethereum ETP. The Grayscale Ethereum Mini Trust (ETH), which has a fee of 0.15%, was also sent out.
Grayscale’s acts have caused significant shifts in the world of investing in cryptocurrencies. It provides buyers with more cost-effective options and more controlled ways to invest in Bitcoin.
