The top regulator has given a positive response to a 19b-4 application to list Grayscale Bitcoin Mini Trust on the Arca platform of the New York Stock Exchange (NYSE). The new investment product will trade under the ticker BTC.
“Grayscale is awaiting the effective date of the S-1 trust registration statement. Final approval will allow the new product to operate in the U.S. as a spot Bitcoin ETP alongside our existing GBTC fund and other products,” a representative of the issuing company said.
Mini Trust’s fee will be 0.15%. This is ten times less than that of the Grayscale Bitcoin Trust (GBTC), which manages assets worth $17.5 billion.
The company promised to transfer 10% of the bitcoins from GTBC to its new trust on July 31. Shareholders will be provided with Mini Trust units in direct proportion to the assets that shareholders already have in the GBTC fund.
Earlier, Grayscale experts said that Bitcoin’s relevance is increasing due to changing macroeconomic conditions and the political situation in the United States, ahead of the presidential elections, which are scheduled to end on November 4, 2024.
Source: Bits
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