Grayscale Launches 'Mini' Bitcoin ETF Amid Market Highs

Grayscale has filed for a "mini" version of its Bitcoin ETF, offering tax-free exposure to Bitcoin, as BTC hits a new all-time high.
Grayscale Launches 'Mini' Bitcoin ETF Amid Market Highs
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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.

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