灰階推出比特幣迷你信託，收費超低

Grayscale 的比特幣迷你信託是 GBTC ETF 的衍生性商品，將為投資者提供更具成本效益的選擇，費用為 0.15%，遠低於行業平均水平。該基金最初將分配價值 40 億美元的比特幣，使其成為資產管理規模第四大的比特幣現貨 ETF。此次分配將為現有 GBTC 股東提供 Mini Trust 的股票，預計將在紐約證券交易所 Arca 交易，股票代號為「BTC」。這項公告恰逢灰階比特幣信託資金持續流出。

Grayscale Unveils Details of New Bitcoin Mini Trust, Unveiling Industry-Low Fee

灰度公佈新比特幣迷你信託的詳細信息，並公佈行業低費用

Asset management behemoth Grayscale has unveiled intricate details regarding its highly anticipated Bitcoin Mini Trust, a subsidiary of its flagship exchange-traded fund (ETF), the Grayscale Bitcoin Trust (GBTC). Unveiled in March, the Mini Trust is poised to operate independently, offering a cost-effective gateway for investors seeking exposure to Bitcoin.

資產管理巨頭灰階公佈了有關其備受期待的比特幣迷你信託的複雜細節，該信託是其旗艦交易所交易基金（ETF）灰階比特幣信託（GBTC）的子公司。迷你信託於三月推出，準備獨立運營，為尋求比特幣投資的投資者提供一個經濟高效的途徑。

Unveiling an Unprecedented Fee Structure

推出前所未有的費用結構

In a recent filing with the United States Securities and Exchange Commission (SEC), Grayscale outlined plans to implement a nominal fee of 0.15% for its Bitcoin Mini Trust, a significant reduction compared to the current 1.5% fee charged by GBTC. This extraordinarily low fee places the Mini Trust as the most economical option among the 11 Bitcoin ETFs approved earlier this year, surpassing Franklin Templeton's fund with a fee of 0.19%.

在最近向美國證券交易委員會 (SEC) 提交的一份文件中，Grayscale 概述了對其比特幣迷你信託收取 0.15% 象徵性費用的計劃，這與 GBTC 目前收取的 1.5% 費用相比顯著降低。這筆極低的費用使迷你信託成為今年稍早批准的 11 隻比特幣 ETF 中最經濟的選擇，以 0.19% 的費用超越了富蘭克林鄧普頓基金。

Initial Distribution and Fund Size

初始分配和基金規模

Grayscale's filing revealed its intention to allocate 63,620 bitcoins, representing 10% of GBTC's Bitcoin holdings at the year's commencement (approximately $4 billion), towards the Mini Trust's initial distribution. This substantial infusion would establish the Mini Trust as the fourth-largest Bitcoin spot ETF by assets under management (AUM), trailing behind BlackRock's IBIT, Fidelity FBTC, and Grayscale's GBTC.

Grayscale 的文件顯示，其打算分配 63,620 枚比特幣，相當於年初 GBTC 比特幣持有量的 10%（約 40 億美元），用於迷你信託的初始分配。這筆巨額注資將使Mini Trust 成為按資產管理規模(AUM) 計算的第四大比特幣現貨ETF，僅次於貝萊德(BlackRock) 的IBIT、富達(Fidelity) FBTC 和灰度(Grayscale)的GBTC。

Distribution Mechanism and Exchange Listing

分配機制及交易所上市

Existing GBTC shareholders are poised to receive shares in the Grayscale Mini Trust. The asset management firm intends to list the fund on the New York Stock Exchange Arca under the ticker "BTC," with trading anticipated to commence immediately following the initial distribution.

現有 GBTC 股東將獲得 Grayscale Mini Trust 的股份。該資產管理公司打算將該基金在紐約證券交易所 Arca 上市，股票代號為“BTC”，預計在首次分配後立即開始交易。

Hypothetical Nature of Financial Metrics

財務指標的假設性質

Bloomberg ETF analyst Eric Balchunas emphasized the hypothetical nature of the financial metrics associated with the Grayscale Bitcoin Mini Trust. "This is pro-forma financials and, as such, hypothetical," Balchunas stated, underscoring that modifications could occur prior to the fund's inception.

彭博 ETF 分析師 Eric Balchunas 強調了與灰階比特幣迷你信託相關的財務指標的假設性質。巴爾丘納斯表示：「這是預計的財務數據，因此是假設的。」他強調，在基金成立之前可能會進行修改。

Continued Outflows from Grayscale Bitcoin Trust

灰階比特幣信託資金持續流出

Despite the introduction of the Mini Trust, Grayscale Bitcoin Trust has witnessed sustained withdrawals since its inception. According to SoSo Value, GBTC experienced a net outflow of $45.82 million in the preceding week.

儘管推出了迷你信託，但灰階比特幣信託自成立以來仍見證了持續的提款。根據 SoSo Value 的數據，GBTC 上週淨流出 4,582 萬美元。

Conclusion

結論

Grayscale's upcoming Bitcoin Mini Trust represents a significant shift in the Bitcoin ETF landscape, offering investors a cost-effective and accessible option for gaining exposure to the world's largest cryptocurrency. While the financial metrics associated with the Mini Trust are subject to potential adjustments, the low fee structure and the initial distribution of $4 billion in Bitcoin attest to Grayscale's commitment to providing innovative investment vehicles for its clients. As the fund's trading debut approaches, investors will eagerly anticipate the impact it will have on the broader Bitcoin ETF ecosystem.

Grayscale 即將推出的比特幣迷你信託代表了比特幣 ETF 格局的重大轉變，為投資者提供了一種經濟高效且易於獲得的選擇，以投資全球最大的加密貨幣。雖然與迷你信託相關的財務指標可能會發生調整，但低廉的費用結構和 40 億美元的比特幣初始分配證明了 Grayscale 致力於為其客戶提供創新投資工具的承諾。隨著該基金首次交易的臨近，投資者將熱切地預期它將對更廣泛的比特幣 ETF 生態系統產生影響。