The US Securities and Exchange Commission (SEC) approved the mini version of Grayscale Bitcoin Trust (GBTC) on Friday.
The agency specifically approved form 19b-4 for the Grayscale Bitcoin Mini Trust. The trust, codenamed “BTC,” is intended to be a “spin-off” of GBTC, with new shares of the mini trust designed to be distributed to GBTC shareholders when GBTC contributes a certain amount of Bitcoin. into the trust, according to an S-1 filing posted in March.
“Therefore, the Commission finds that the Proposals, as well as other ETPs that the Commission has approved, are reasonably designed to promote fair disclosure of information that may be necessary to price the shares. of the Trust as appropriate, to prevent transactions where a reasonable level of transparency cannot be assured, to protect material non-public information relating to the Trust's investment portfolio, to ensure ensure a fair and orderly market for the Trust's shares,” according to a document filed with the SEC on Friday.
Grayscale is still waiting for the registration statement for the Grayscale Bitcoin Mini Trust to become effective, a spokesperson for Grayscale said.
“Grayscale awaits BTC 's registration statement on Form S-1 to become effective. The approval and effectiveness of the registration statement will allow BTC to operate as a spot Bitcoin ETP in the United States alongside GBTC and others. The Grayscale team will Chia more information about the listing date of the Grayscale Bitcoin Mini Trust on NYSE Arca as soon as possible.”
This comes more than seven months after the SEC first approved 11 Bitcoin spot ETFs , which have so far raked in billions of dollars. The agency also approved spot Ethereum ETFs in the first half of this year in a surprising move. Grayscale has been approved to convert both GBTC and ETHE into spot ETFs.
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