Grayscale Files Application to Register a Mini Spot BTC ETF
On Tuesday, Grayscale submitted an S-1 form to the US Securities and Exchange Commission to register its new product, the Grayscale Bitcoin Mini Trust (BTC).
The mini trust, to be traded under the symbol “BTC”, will be a smaller version of the existing Grayscale Bitcoin Trust (GBTC) and will distribute new shares to current GBTC shareholders in exchange for a designated amount of Bitcoin.
The mini trust will be listed on the NYSE and will operate separately from GBTC if it receives approval. The exact percentage of shares in the proposed distribution was not disclosed in the filing, but GBTC plans to further detail the terms and conditions of the spin-off by filing a 14C form with the SEC.
No action or payment is required from GBTC shareholders to receive shares of the mini trust on the distribution date. The filing also clarified that the spin-off will not require any additional taxes for GBTC shareholders.
