SEC Greenlights Grayscale Bitcoin Mini Trust for NYSE Arca Listing

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• US SEC approves the Grayscale Bitcoin Mini Trust (BTC) for listing on NYSE Arca, expanding spot Bitcoin ETF options.
• The new trust shares will be distributed to existing GBTC shareholders as GBTC contributes Bitcoin to the trust.
• It plans to allocate 10% of GBTC’s spot Bitcoin to the Mini Trust by July 31, maintaining shareholders’ overall BTC exposure across two funds.

According to a July 26 filing, the United States Securities and Exchange Commission (SEC) has given its approval for Grayscale’s latest spot Bitcoin exchange-traded fund (ETF) — the Grayscale Bitcoin Mini Trust (BTC) — to be listed on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.

In this approval, the SEC specifically authorized the 19b-4 form for the Grayscale Bitcoin Mini Trust. This trust, identified by the ticker symbol “BTC,” is intended as a derivative of GBTC, with new shares of the mini trust to be distributed to GBTC shareholders. This distribution will occur as GBTC contributes a specified amount of Bitcoin to the trust.

“Grayscale is excited to share that the [SEC] has approved NYES Arca’s Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC),” a Grayscale spokesperson said. 

“Grayscale awaits the effectiveness of BTC’s registration statement. The approval and effectiveness of the registration statement will allow BTC to operate as US spot Bitcoin ETP alongside GBTC and others.”

This comes over seven months after the SEC first approved 11 spot bitcoin ETFs, which have so far brought in millions of dollars. 

On July 8, Grayscale made a comparable announcement regarding its Grayscale Ethereum Trust (ETHE) ETF, stating that existing ETHE shareholders would receive shares in its new Grayscale Ethereum Mini Trust (ETH) in proportion to their holdings.

By July 31, Grayscale plans to allocate 10% of the spot Bitcoin currently held by GBTC to the Mini Trust. Shareholders of GBTC will receive shares in the Mini Trust based on their existing holdings in GBTC. This spinoff means that GBTC holders will retain the same amount of spot BTC exposure overall, now spread across two separate funds.

Not to mention, Grayscale also launched a new digital asset fund on July 17. This fund invests in tokens focused on artificial intelligence (AI).

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