The post SEC approves Grayscale Bitcoin Mini Trust ETFs appeared on BitcoinEthereumNews.com.

SEC has approved Grayscale’s Bitcoin Mini Trust ETFs With greater institutional adoption, GBTC aims to leverage the changing global financial markets Following the successful Ethereum Mini Trust model, the SEC has now approved Grayscale’s Bitcoin Mini Trust ETF. This will launch at a low 0.15% fee. From Wednesday next week, the Mini Trust will start trading, as reported by Nate Geraci. On his X page, he shared, “Grayscale Bitcoin Mini Trust 19b-4 has been APPROVED…A spinoff from GBTC set to happen next Wednesday (date of record is Tuesday). Will be lowest cost spot bitcoin ETF at 15bps.” SEC greenlights Grayscale Bitcoin Mini Trust The SEC announced that the 19b-4 form for Grayscale Bitcoin Mini Trust will act as the spinoff of GBTC. The shares of the mini Trust will be distributed to GBTC shareholders since they contribute a particular amount of BTC to the said Trust, according to initial filings. The commission, through the official document, announced the move, stating, “After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange.” The agency further explained, “… are reasonably designed to promote fair disclosure of information that may be necessary to price the shares of the Trusts appropriately, to prevent trading when a reasonable degree of transparency cannot be assured, to safeguard material non-public information relating to the Trusts’ portfolios, and to ensure fair and orderly markets for the shares of the Trusts.” However, Grayscale has to wait for the effectiveness of BTC’s registration statement on form S-1. This will allow BTC to open as a spot for Bitcoin ETP. Reduced fees for competitive advantage Since the approval of 11 spot BTC ETFs earlier this year, increased institutional interest has increased competition. Therefore, the Mini Trust…

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Filed under: News - @ July 28, 2024 1:14 pm