Quick Take
The Grayscale Bitcoin Trust (GBTC) is planning to launch a new Bitcoin mini-trust with a groundbreaking fee of 0.15%, Coindesk reported on April 22.
If realized, this new offering would undercut the current lowest-cost spot bitcoin ETF — the Franklin Bitcoin ETF (EZBC) — which charges a 0.19% fee, according to Coinglass.
ETF Expense Ratio: (Source: Coinglass)
The move comes following significant outflows from GBTC, with the trust’s Bitcoin holdings dropping from 622,000 before the ETF launch on Jan. 11 to roughly 300,000 as of April 19, according to Glassnode.
GBTC ETF Balance: (Source: Glassnode)
The high 1.5% fee associated with GBTC, compared to lower fees offered by competing ETFs, has been a significant driver of the outflows. However, the proposed mini-trust could provide a tax-efficient way for investors to convert their holdings, as the transition would not be considered a taxable event, according to Coindesk.
This is particularly attractive for investors sitti
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