Grayscale Investments has introduced its Bitcoin Mini Trust to the NYSE Arca as a spot Bitcoin exchange-traded vehicle.
The largest cryptocurrency management company, Grayscale, stated in a news statement dated July 31 that it is now possible to trade the Grayscale Bitcoin Mini Trust on NYSE Arca.
The vehicle trades as a spot Bitcoin exchange-traded product under the ticker BTC and has one of the lowest costs among rival Bitcoin ETPs at 0.15%.
According to Grayscale, 10% of the Bitcoin from its Bitcoin ETF product, Grayscale Bitcoin Trust (GBTC), would be transferred to the fund as its inaugural seed.
Based on Farside Investors’ statistics, most Bitcoin exchange-traded instruments currently available on the market have costs of approximately 0.20%.
As seen above, at 1.5%, Grayscale’s initial Bitcoin ETP, GBTC, has the highest charge compared to other products.
According to the press release, Bitcoin has $1.7 billion in assets under management and a share price of $5.84 when it begins trading on NYSA Arca.
David LaValle, senior managing director at Grayscale, stated following the product’s debut that it will “further lower the barrier to accessing Bitcoin in an SEC-regulated [sic] investment vehicle.”
The company stated that the Grayscale Bitcoin Mini Trust is not governed by or registered under the Investment Company Act of 1940, in contrast to most mutual funds or exchange-traded funds (ETF) products.
Grayscale’s spot Ethereum ETPs are akin to that action. The company introduced the Ethereum Mini Trust (with the ticker ETH), which likewise has a comparatively low charge of 0.15%, last week following the conversion of the Grayscale Ethereum Trust (ETHE) to a spot ETP while maintaining its comparatively high 2.5% fee.
