The US Securities and Exchange Commission (SEC) gave its approval Friday to the Grayscale Bitcoin Mini Trust, a smaller version of its Grayscale Bitcoin Trust (GBTC).
This approval has come in the form of a Form 19b-4 for the trust.
The plan is for the GBTC to contribute a certain amount of Bitcoin to the mini trust, and new shares of the mini trust will be distributed to GBTC shareholders.
The SEC's decision has been based on its belief that this mini-trust, along with other similar exchange-traded products, will promote transparency, prevent unfair trading and ensure the protection of sensitive information.