Grayscale Submits Filing for Mini Spot BTC ETF with the US SEC

Grayscale, a prominent crypto asset management firm, has recently made an announcement. On its official account on X, the company noted that it has filed another application with the United States SEC for spot BTC ETF named “Grayscale Bitcoin Mini Trust.” It also disclosed that, if the regulator approves the respective product, $BTC would be its ticker. If approved, this could be another bullish news for Bitcoin like the earlier approval of Bitcoin spot ETFs.

Today, Grayscale submitted a Form S-1 for a new spot Bitcoin ETF called Grayscale Bitcoin Mini Trust with the U.S. Securities and Exchange Commission.
Upon appropriate regulatory approvals, the ticker for this product would be $BTC.

Pending approval, we plan for this new ETF to… pic.twitter.com/1EQk7jan2R

— Grayscale (@Grayscale) March 12, 2024

Grayscale Files an Exclusive Spot BTC ETF Application with the SEC

As per Grayscale, it intends to apply a lower fee for this latest ETF. In this way, it would provide benefits to the present GBTC investors. As a result, the investors would get the same Bitcoin exposure, including the ownership of both BTC and GBTC shares. With GBTC’s cutting-edge mechanics, the company would allocate a certain BTC amount to back GBTC shares. Hence, a GBTC spin-off would have the utility of seeding the exclusive BTC exchange-traded fund.

Grayscale highlighted that the latest development indicates an innovation concerning the ETF wrapper, as spin-offs are abundantly used nowadays. However, the industry has not yet witnessed a spin-off related to a commodity-based ETF. At present, both the “Grayscale Bitcoin Mini Trust” as well as the GBTC spinoff have to go through regulatory review.

The Project Needs to Go Through a Regulator Review for Approval

According to the firm, its team will provide more information about this over time. Additionally, it clarified that the GBTC shareholders do not need to take any action in this regard. The company has submitted a registration statement that comprises a prospectus with the US securities regulator. While advising the investors, it noted that they would read the prospectus given in the respective registration statement before investment.

It added that the firm has also submitted the complete information regarding this offering. However, the firm can also arrange the provision of the prospectus via any authorized participant. For that, it has provided its number. Although Grayscale has filed the application for “Grayscale Bitcoin Mini Trust” with the SEC, the product has not become effective. The regulatory agency has not even accepted the money.