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Cryptocurrency Giant Grayscale to Disrupt Bitcoin ETF Scene
Alex Dobnya
Grayscale’s spin-off now has an official release date
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Grayscale’s Bitcoin Mini Trust, which has the much-coveted symbol BTC, is on the track The launch is scheduled for July 31st.
According to well-known ETF analyst James Seyffart, this means that both Bitcoin and Ethereum mini trusts will be up and running before the end of the month.
Both products will have fees of just 15 basis points, making them the cheapest options among other ETFs.
Grayscale is credited with getting cryptocurrency spot ETFs approved in the United States, winning a landmark case against the U.S. Securities and Exchange Commission last year.
However, Grayscale’s GBTC emerged as a major bearish factor due to its massive outflows. This was partly due to its exorbitantly high 1.5% fee.
After months of negative headlines, Grayscale may finally have its moment in the spotlight with the launch of its “mini” version. The low-cost spinoff is expected to make Grayscale extremely competitive in a space currently dominated by financial giant BlackRock.
Nate Geraci, president of The ETF Store, says it will be interesting to watch Grayscale’s inflows, as Bitcoin Mini Trust will instantly become the sixth-largest spot Bitcoin ETF by assets (while also being the cheapest).
Grayscale initially announced the launch of the smaller fund with the coveted ticker back in March, to offer investors tax-free exposure to the leading cryptocurrency.
Bitcoin ETFs Expand Their Inflow Series
Meanwhile, Bitcoin ETFs recorded their tenth consecutive day of inflows on July 18, extending their impressive winning streak.
On Thursday, these products attracted $84.8 million in inflows. BlackRock’s IBIT saw $102.7 million in inflows, offsetting $22.5 million in outflows from Grayscale’s GBTC.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.