SEC Approves Grayscale Bitcoin Mini Trust

The U.S. Securities and Exchange Commission (SEC) approved Grayscale’s mini version of its Grayscale Bitcoin Trust (GBTC) on Friday.

The agency specifically approved the 19b-4 form for the Grayscale Bitcoin Mini Trust. The trust, identified by the ticker symbol BTC, aims to be a “spin-off” of GBTC, with new shares designed for distribution to GBTC shareholders as GBTC contributes a certain amount of bitcoin to the mini trust, according to an S-1 filing from March.

The Commission therefore finds that the proposals, like other approved ETPs, are reasonably designed to promote fair disclosure of information necessary to price the shares accurately, prevent trading during low transparency periods, safeguard material non-public information, and ensure orderly markets for the shares of the trusts.

A Grayscale spokesperson noted that the company is still waiting for the registration statement for the Grayscale Bitcoin Mini Trust to become effective.

“Grayscale awaits the effectiveness of BTC’s registration statement on Form S-1,” the spokesperson added. “The approval and effectiveness of the registration statement will allow BTC to operate as a U.S. spot Bitcoin ETP alongside GBTC and others. Grayscale will provide further information about the Bitcoin Mini Trust’s listing date on NYSE Arca as soon as possible.”

This approval comes more than seven months after the SEC authorized 11 spot bitcoin ETFs that have since generated millions of dollars. Earlier this year, the agency also approved spot Ethereum ETFs in a surprising decision. Notably, Grayscale received approval for both a spot Ethereum ETF and a spot Bitcoin ETF.