Grayscale has just filed an application to register a "mini" version of its Grayscale Bitcoin Trust (GBTC) exchange-traded fund with the US Securities and Exchange Commission (SEC).
The new fund, which would trade under the ticker "BTC" on the New York Stock Exchange, would operate separately from GBTC.
Grayscale intends to distribute shares of the new fund to existing GBTC shareholders, while GBTC will also transfer a portion of its Bitcoin holdings to the new fund.
The goal of the new fund is to offer GBTC investors tax-free exposure to Bitcoin.
According to the filing:
"No consent, authorization, approval or proxy is being sought from GBTC Shareholders in connection with the Spin-Off, and GBTC Shareholders will not need to pay any consideration, exchange or surrender existing GBTC Shares or take any other action to receive Shares of the Trust on the Distribution Date."