Grayscale Plans Industry-Low Fee of 0.15% for Additional Bitcoin Mini Trust under BTC
Grayscale's latest financial report revealed new details about its new Bitcoin Mini Trust, which the company said will be listed on the NYSE Arca under the ticker symbol BTC and charge a competitive fee rate of 0.15%.
First announced in March, the sub-trust allows Grayscale to transfer a portion of the coins in Bitcoin's oldest exchange product into a smaller trust that charges lower fees without incurring a tax liability for existing holders. The shares will be automatically distributed to holders from the record date, which has not yet been disclosed.
According to its latest preliminary financial report, Grayscale plans to contribute 63,620 bitcoins toward the fund's initial distribution, or 10% of the bitcoins held by GBTC at the start of the year, which are worth about $4 billion at current prices. The two trusts will then trade independently and will not share risk, according to preliminary filings.
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