Grayscale Investments is considering a new Bitcoin (BTC-USD) exchange-traded fund (ETF) as the company prepares to launch a “mini” BTC spot fund.
Let’s get into everything traders need to know about the new Grayscale Bitcoin ETF below!
- A recent filing with the Securities and Exchange Commission (SEC) reveals that Grayscale Investments wants to create this mini BTC spot fund by spinning off its Grayscale Bitcoin Trust (NYSEARCA:GBTC) ETF.
- This would see the smaller BTC spot ETF created with Bitcoin held by the larger Grayscale Bitcoin Trust.
- Doing this would grant current shareholders in GBTC shares of the new ETF.
- Grayscale Investments is interested in this new Bitcoin ETF as a way to better compete with smaller BTC spot price rivals.
- It would do so by significantly lowering the price of transaction fees tied to its ETF.
Grayscale Bitcoin Mini ETF Gets a Ticker
Adding to all of this is the ticker for this new mini BTC spot fund. Grayscale Investments has managed to secure the BTC ticker, which is a major win for it. This is the same ticker that Bitcoin traders under on crypto exchanges.
Today’s news has GBTC stock down 2% with more than 6.1 million shares traded. The ETFs daily average trading volume is about 16.4 million units.
Investors who are on the lookout for even more of the most recent stock market stories today are in the right place!
We have all of the biggest stock market news that traders are going to want to read about on Thursday! A few examples include what’s going on with shares of Fisker (NYSE:FSR), WW International (NASDAQ:WW) and Anheuser-Busch (NYSE:BUD) stock today. You can catch up on all of these matters by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
