Grayscale, the world’s largest crypto asset manager, is introducing a new version of its Grayscale Bitcoin Trust (GBTC) with a significantly reduced fee. The new fund, called Grayscale’s Bitcoin Mini Trust (BTC), will have an annual fee of just 0.15%, making it the lowest-cost spot Bitcoin ETF available.
This move is seen as an attempt by Grayscale to regain popularity among investors. GBTC has seen significant outflows over the past month as investors have poured money into other Bitcoin ETFs with lower fees.
With the launch of BTC, Grayscale is hoping to attract investors back to its platform. The new fund will have a number of advantages over GBTC, including the lower fee and the fact that it is a non-taxable event for GBTC shareholders to transfer into the new fund.
It remains to be seen whether BTC will be successful in helping Grayscale to regain market share. However, the new fund is a clear sign that Grayscale is taking the competition from other Bitcoin ETFs seriously.
