Key Takeaways
- Grayscale files for a 'mini' Bitcoin ETF, offering tax-free exposure.
- Bitcoin hits a new all-time high, coinciding with Grayscale's filing.
- Grayscale plans to distribute shares of the new Bitcoin trust to existing GBTC shareholders.
Grayscale has introduced a new “mini” version of its Grayscale Bitcoin Trust (GBTC) ETF, named BTC.
The investment manager filed an S-1 form with the SEC on March 11 for listing on the New York Stock Exchange.
The new trust aims to provide GBTC investors with tax-free exposure to Bitcoin.
Bitcoin’s record highs and ETF developments
Bitcoin reached an all-time high of $71,415 on March 11, coinciding with Grayscale’s filing.
This surge in Bitcoin’s price comes after Ether crossed the $4,000 mark for the first time since December 2021.
In response to the market’s performance, VanEck announced a reduction of sponsor fees to zero for its Bitcoin Trust ETF until March 31, 2025.
Record trading volume for Bitcoin ETFs
The U.S. spot Bitcoin ETFs set a new record with a daily trading volume of $10 billion on March 5, surpassing the previous week’s record of $7.7 billion.
