Grayscale to Launch Cheapest US Bitcoin Spot-ETF
Grayscale is set to launch a new Bitcoin spot-ETF in the US, aiming to be the most affordable option with an expense ratio of 0.15 percent. This move comes as Grayscale seeks to counter outflows from its existing Bitcoin Trust ($GBTC) and compete with other Bitcoin ETFs like BlackRock's $IBIT.
Grayscale submitted its application for the new Bitcoin spot-ETF on March 12, 2023. The new ETF, symbolized as $BTC, plans to transfer more than 63,000 BTC from $GBTC to its ranks. This transfer will occur without incurring capital gains tax for holders of $GBTC shares, which will be automatically distributed to the new ETF.
Currently, the most affordable Bitcoin spot-ETF in the US is the $EZBC from Franklin Templeton, charging 0.19 percent in fees. However, other Bitcoin ETFs may offer fee-free periods or reduced fees for larger investments. BlackRock's $IBIT has been recording inflows on 69 trading days and is close to overtaking $GBTC as the largest Bitcoin spot-ETF. If approved, $BTC would become the twelfth tradable Bitcoin spot-ETF in the US and the fourth largest.
Grayscale's new Bitcoin spot-ETF, with its lower expense ratio, aims to attract investors and counteract the ongoing outflows from $GBTC. The transfer of BTC from $GBTC to the new ETF will not incur capital gains tax for holders, making it an attractive option for those looking to diversify their Bitcoin investments.
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