**Breaking News: SEC Approves Grayscale's New Bitcoin ETF**
The U.S. Securities and Exchange Commission (SEC) has given the green light to Grayscale's latest Bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Mini Trust (BTC). This new ETF will be listed on the New York Stock Exchange's Arca platform.
**Key Points:**
- Grayscale announced plans on July 19 to spin off part of its flagship Bitcoin fund, Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.
- The Mini Trust will feature significantly lower management fees at 0.15%, compared to GBTC's 1.5%.
- On July 31, Grayscale will transfer 10% of GBTC's spot Bitcoin holdings to the Mini Trust. Current GBTC shareholders will receive proportional shares in the Mini Trust.
- This move follows a similar strategy with Grayscale's Ethereum Trust (ETHE).
Grayscale's GBTC and ETHE funds are among the longest-running spot BTC and Ethereum funds in the U.S., with the GBTC fund managing over $17 billion in assets. This new ETF offers a tax-advantaged way for shareholders to diversify their holdings.