Grayscale Bitcoin Trust (GBTC) Files for New Bitcoin Mini Trust ETF

Grayscale recently submitted an S-1 form to the SEC to register a new “mini” version of its Grayscale Bitcoin Trust (GBTC) ETF under the ticker symbol “BTC.” If approved, the Grayscale Bitcoin Mini Trust will be listed on the NYSE as a separate entity from the main GBTC fund.

Key Points:

– The new Bitcoin trust will provide tax-free exposure to Bitcoin for GBTC investors.
– Shares of the new trust will be distributed to existing GBTC shareholders, with an undisclosed amount of Bitcoin contributed by GBTC.

Following the filing, Bitcoin reached an all-time high of $71,415 on March 11, with Ether also surpassing $4,000 for the first time since December 2021. This surge in prices has led to increased activity in the ETF space, with VanEck announcing fee reductions for its Bitcoin Trust ETF.

While Bitcoin ETFs are seeing record trading volumes, the SEC’s lack of communication regarding Ether-based ETFs is concerning. Bloomberg ETF analyst Eric Balchunas downgraded the chances of an Ether ETF approval to 35%, citing the SEC’s silence as a negative sign.

In conclusion, the cryptocurrency market is experiencing significant developments in the ETF space, with Grayscale’s new Bitcoin Mini Trust ETF poised to offer investors tax-free exposure to Bitcoin. Stay updated on the latest news and trends in the cryptocurrency world on Global Crypto News.

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