Grayscale announces plans for Bitcoin ETF spinoff
Current GBTC shareholders will receive shares in Grayscale’s new Bitcoin ETF in proportion to what they currently hold in GBTC.
On July 19, crypto asset manager Grayscale announced plans to spin off a portion of its flagship Bitcoin fund, Grayscale Bitcoin Trust (GBTC), into a new exchange-traded fund (ETF).
On July 31, Grayscale will contribute 10% of the spot Bitcoin (BTC) held by GTBC to its new ETF, Grayscale Bitcoin Mini Trust (BTC). The company said the ETF is set to begin trading on the New York Stock Exchange’s (NYSE) Arca exchange pending final regulatory signoff.
Current GBTC shareholders will receive shares in the Mini Trust in direct proportion to the shares they hold in GBTC. As a result of the spinoff, GBTC holders will hold the same amount of spot BTC as before, but across two different funds.
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Author: Alex O’Donnell
