Patient Capital Management recently filed with the SEC to purchase spot Bitcoin ETFs for 15% of its Opportunity Trust Fund. The firm updated its filing with the SEC to reflect changes in risk factors, now stating “cryptocurrency regulation risk” instead of “Bitcoin (BTC) risk.”

Previously, the fund’s exposure to Bitcoin was limited to Grayscale Bitcoin Trust. However, with the updated filing, Patient Capital Management has expanded its investment capabilities to include all exchange-traded products (ETPs) rather than just the Grayscale fund. The firm plans to invest up to 15% of its capital in BTC ETPs, equivalent to about $200 million based on its $1.4 billion assets under management (AUM).

In addition to Patient Capital Management, Grayscale also filed a new application with the SEC to create the Grayscale Bitcoin Mini Trust. Analysts suggest that this new fund aims to provide a tax advantage to investors.

Grayscale’s GBTC, launched in January 2024, has been notable for its relatively high 1.5% fee compared to other spot Bitcoin ETFs. As competition in the market intensifies, Grayscale may face challenges due to its higher fees.

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