Grayscale Mini Spot Bitcoin ETF starts with an ‘Ultra-Low’ fee of 0.15%

The crypto investment management company has launched a new product called Grayscale Bitcoin Mini Trust with the symbol $BTC.

The new offering of Greyscale's Bitcoin Exchange-Traded Fund (ETF) GBTC, which is certified as a turnkey, has a competitive, “extremely low” 0.15 percent fee.

Greyscale's new spin-off fund

Months ago, Grayscale filed with the United States Securities and Exchange Commission (SEC) for a mini trust fund. The firm has described this rolling product as a new fund from an existing and possibly larger fund. After its creation, both currencies will exist independently in the financial market. The difference is that the new product can offer lower costs to attract more investors and increase their investment options.

Current holders of Greyscale's GBTC will “immediately receive one share of the Sponsored Fund for each share of the original fund,” the investment firm explained in a blog post. Again, this does not change the value of the investor's portfolio.

The Greyscale Bitcoin Mini Trust is primarily traded on the NYSE Arca Securities Exchange. Coinbase Custody Trust Company will be the digital asset custodian for the new ETF fund, while Foreside Fund Services will be the transaction agent.

Backup way?

Greyscale's GBTC recorded the highest year-over-year inflows since the Bitcoin ETF launched as a venue in January, as investors pulled millions of dollars worth of BTC every day. This steady stream of expenses is partly due to the company's expensive trading fee of 1.5%, which is the highest among Bitcoin ETF issuers in the country.

With a transaction fee of 0.15% in its latest product, Grayscale is changing the narrative and positioning itself as the cheapest Bitcoin ETF issuer. In contrast, most financial firms offering Bitcoin ETF products to US investors charge between 0.19% and 0.25%.

Despite market data in the coming weeks saying otherwise, Greyscale's new ETF product could push its position in the Bitcoin ETF market to new frontiers.