Brothers, it's coming!
The US SEC has just approved Grayscale's application for the Bitcoin Mini Trust Fund, with the stock code BTC. This is correct as I speculated in my previous article.
Grayscale Bitcoin Mini Trust is a new investment product submitted by Grayscale Investments.
According to relevant documents disclosed by the US Securities and Exchange Commission, the stock code of the trust is "BTC". If approved by regulators, it will be listed on the New York Stock Exchange and operate independently of the Grayscale Bitcoin Trust (GBTC).
The main reasons for Grayscale to launch this product include:
1. Reduce investor costs: GBTC has a relatively high fee level after the transformation from a trust to an ETF, and the mini trust may have a more competitive advantage in terms of fees.
2. Tax considerations: The spin-off of the mini trust will not be a taxable event for GBTC and its shareholders, which can help investors who hold GBTC in taxable accounts to reasonably avoid taxes, especially those holders who are hit by potential capital gains taxes.
Grayscale Bitcoin Mini Trust will receive a portion of the Bitcoin held by GBTC. In exchange, existing GBTC shareholders will have the opportunity to obtain shares of the Mini Trust.
Wow, Grayscale is planning. It now has two Bitcoin spot ETFs and two Ethereum spot ETFs. It used GBTC to dump the market before, and now it has a Bitcoin Mini Trust Fund. Now GBTC ETF can be converted into a Mini Trust Fund BTCETF! The same is true for Ethereum. There are also two Ethereum spot ETFs, one ETF code is ETHE, and the other mini ETF is called ETH. The two Ethereum spot ETFs can be exchanged with each other!
Whether it is two Bitcoin spot ETFs or two Ethereum spot ETFs, Grayscale's operation is to put it bluntly, that is, GBTC is exchanged for the Mini Trust Fund BTC, and ETHE is exchanged for the Mini Trust Fund ETH. To put it bluntly, it is like transferring from the left hand to the right hand! This is also a good thing. After all, it will not affect the Bitcoin spot price! At least it will not be panic-sold like before!
The above content is for information sharing only and does not constitute any investment advice. Investment is risky and you need to be cautious when entering the market!
