Grayscale Seeks Approval for New Lower-Fee Bitcoin Fund to Attract RIAs and Brokers

• Grayscale seeking SEC approval for new Grayscale Bitcoin Mini Trust (BTC) with lower fees than GBTC • BTC to be seeded by percentage of existing GBTC shares; no tax event for GBTC holders • BTC fees to be competitive with low-cost bitcoin ETFs on market • Spinoff common in ETF industry, but unique with auto transfer of GBTC shares • Aims to attract RIAs and brokers turned off by GBTC's relatively high 1.5% fees