Grayscale’s New Bitcoin Mini Trust Sets a Low 0.15% Fee
Grayscale Investments has announced its latest product, the Bitcoin Mini Trust, with a highly competitive fee of 0.15%.
In a move to offer investors a lower-cost alternative to the existing Grayscale Bitcoin Trust (GBTC), the company plans to contribute 10% of GBTC assets to the Bitcoin Mini Trust (BTC).
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The newly announced Grayscale Bitcoin Mini Trust will offer a much lower fee compared to the current high-cost option of the Grayscale Bitcoin Trust (GBTC), which has a 1.5% fee. Upon launch, the company plans to transition 10% of GBTC assets to the new trust, allowing investors to benefit from the reduced fee structure.
Furthermore, the existing GBTC shareholders can expect a non-taxable event as they transfer to the new trust, avoiding any capital gains taxes. This move will not only benefit investors in terms of lower fees but also provide a seamless transition to a newer and more versatile investment product.
Grayscale has been a pioneer in the cryptocurrency space, offering the first-ever public Bitcoin fund through a private placement in 2024. In 2015, the company made GBTC shares available to the public, and in 2024, it listed the trust on NYSE Arca as a spot Bitcoin ETF, along with other competitors like BlackRock and Fidelity.
Currently, Grayscale manages over $19.6 billion in assets, making it the largest cryptocurrency asset manager. Its closest competitor, BlackRock’s IBIT fund, has seen remarkable growth and currently holds over $17.5 billion in assets.
CORRECTION (April 20, 2024, 20:44 UTC): The article has been updated to remove any mention of the number of bitcoins that will be transferred from GBTC to the new trust.