Posted 3/12/2024, 2:45:39 PM
Grayscale Launches Lower-Fee Bitcoin Fund to Stem Outflows
- Grayscale launching new Bitcoin ETF product called Grayscale Bitcoin Mini Trust (ticker BTC)
- Mini Trust will be seeded by diverting some of Grayscale's Bitcoin from its existing Grayscale Bitcoin Trust (GBTC)
- Aims to stem outflows from GBTC, which has seen 229,000 BTC redeemed since January
- GBTC charges 1.5% fee versus 0.2-0.3% for competitors, making it less attractive
- Spin-off allows Grayscale to launch cheaper product without slashing fees and revenue from existing GBTC fund
