Grayscale Investments, LLC, a leading digital asset manager, has announced the creation of the Grayscale Bitcoin Mini Trust (BTC), a new investment vehicle offering exposure to Bitcoin. The Trust, formed on March 12, 2024, is designed to hold Bitcoins and reflect their value based on the CoinDesk Bitcoin Price Index (XBX), less expenses and liabilities. The Trust is not actively managed and does not engage in Bitcoin trading except to pay expenses, making it a passive investment vehicle. It is expected to issue shares on an ongoing basis and plans to list on NYSE Arca under the symbol 'BTC'. The Trust's initial shares, known as Seed Shares, were purchased by the Sponsor on an undisclosed date in 2024, with plans for these...Show More

Grayscale Investments, LLC, a leading digital asset manager, has announced the creation of the Grayscale Bitcoin Mini Trust (BTC), a new investment vehicle offering exposure to Bitcoin. The Trust, formed on March 12, 2024, is designed to hold Bitcoins and reflect their value based on the CoinDesk Bitcoin Price Index (XBX), less expenses and liabilities. The Trust is not actively managed and does not engage in Bitcoin trading except to pay expenses, making it a passive investment vehicle. It is expected to issue shares on an ongoing basis and plans to list on NYSE Arca under the symbol 'BTC'. The Trust's initial shares, known as Seed Shares, were purchased by the Sponsor on an undisclosed date in 2024, with plans for these shares to be redeemed prior to the public offering. Additionally, the Trust will undergo an Initial Distribution, where shares will be distributed to shareholders of Grayscale Bitcoin Trust (GBTC) on a 1:1 ratio. The Trust's operations, including the creation and redemption of shares, are facilitated by various service providers, including Delaware Trust Company as trustee, The Bank of New York Mellon as transfer agent and administrator, and Coinbase entities as custodian and prime broker. The Trust's structure and operations are governed by a Trust Agreement, and it is subject to various regulatory considerations, including U.S. federal income tax implications.