Grayscale革命性的「比特幣迷你信託」揭曉：史無前例的0.15%費用撼動ETF格局

Grayscale Investment LLC 已向 SEC 註冊了其新的現貨 ETF「比特幣迷你信託」(BTC)。該基金從 GBTC 剝離出來，將以 0.15% 的創紀錄費用在 NYSE Arca 上市，遠低於 GBTC 1.5% 的費用。此舉旨在阻止客戶流向收費較低的競爭對手。從 GBTC 轉向 BTC 的投資者將避免應稅事件，從而吸引尋求低成本投資比特幣的投資者。推出時，Bitcoin Mini Trust 將持有 GBTC 約 10% 的 BTC 股份，將其定位為資產管理規模第四大基金，不包括 Ark、Bitwise、VanEck 和 Walkyrie 等競爭對手。

Grayscale's "Bitcoin Mini Trust": A Revolutionary ETF with an Unprecedented 0.15% Fee

Grayscale的「比特幣迷你信託」：革命性的ETF，費用史無前例的0.15%

On March 12, 2024, Grayscale Investment LLC, a leading player in the cryptocurrency investment industry, made a significant move with the registration of its new spot exchange-traded fund (ETF) under the ticker "BTC" through the S-1 form with the Securities and Exchange Commission (SEC).

2024 年 3 月 12 日，加密貨幣投資行業的領導者 Grayscale Investment LLC 採取了重大舉措，透過 S-1 表格註冊了其新的現貨交易所交易基金 (ETF)，股票代碼為「BTC」。委員會（SEC）。

This new fund, aptly named "Bitcoin Mini Trust," represents a groundbreaking spin-off of Grayscale's flagship fund, GBTC. It will soon be listed on the NYSE Arca exchange, offering investors an unprecedented opportunity to invest in Bitcoin with an exceptionally low fee of just 0.15%.

這只新基金被恰當地命名為“比特幣迷你信託”，代表 Grayscale 旗艦基金 GBTC 的突破性分拆。它很快就會在紐約證券交易所 Arca 交易所上市，為投資者提供前所未有的投資比特幣的機會，且費用極低，僅為 0.15%。

Competitive Edge: Unrivaled Fees in the Bitcoin ETF Market

競爭優勢：比特幣 ETF 市場無與倫比的費用

Strikingly, the 0.15% fee associated with Bitcoin Mini Trust stands as a disruptive force in the Bitcoin ETF market, contrasting sharply with the 1.5% fee currently charged by Grayscale for the management of GBTC. This highly competitive fee structure makes Bitcoin Mini Trust the most cost-effective and accessible Bitcoin ETF available.

引人注目的是，與比特幣迷你信託相關的 0.15% 費用在比特幣 ETF 市場中具有顛覆性力量，與灰階目前為管理 GBTC 收取的 1.5% 費用形成鮮明對比。這種極具競爭力的費用結構使比特幣迷你信託成為最具成本效益和最容易獲得的比特幣 ETF。

Genesis of Bitcoin Mini Trust: Responding to Market Demand

比特幣迷你信託的起源：響應市場需求

The creation of Bitcoin Mini Trust stems from Grayscale's astute recognition of the recent exodus of clients from GBTC, who have been drawn to competitor funds such as IBIT, FBTC, and ARKB, which offer significantly lower management fees.

比特幣迷你信託的創建源於 Grayscale 對最近 GBTC 客戶流失的敏銳認識，這些客戶被 IBIT、FBTC 和 ARKB 等競爭對手的基金所吸引，這些基金的管理費要低得多。

Addressing this market shift, Bitcoin Mini Trust emerges as Grayscale's response to the evolving needs of investors, offering a compelling combination of low fees and the security and credibility of Grayscale's management.

為了應對這一市場轉變，比特幣迷你信託的出現是灰度對投資者不斷變化的需求的回應，提供了低費用以及灰度管理的安全性和可信度的引人注目的組合。

Strategic Asset Allocation: Leveraging GBTC's Holdings

策略資產配置：發揮GBTC持倉槓桿作用

At launch, Bitcoin Mini Trust will utilize 63,620 BTC as its underlying asset, constituting approximately 10% of the stake held by GBTC at the beginning of the year. This strategic allocation allows Bitcoin Mini Trust to benefit from the vast Bitcoin reserves accumulated by GBTC over time.

比特幣迷你信託推出時將使用 63,620 BTC 作為基礎資產，約佔 GBTC 年初持有股份的 10%。這種策略配置使比特幣迷你信託能夠從 GBTC 隨著時間的推移累積的大量比特幣儲備中受益。

Tax Implications: A Smooth Transition

稅務影響：平穩過渡

Notably, investors transitioning from GBTC to the new Bitcoin Mini Trust will not incur a taxable event, eliminating capital gains tax liability. This favorable tax treatment serves as a further incentive for GBTC clients seeking exposure to Bitcoin at a lower cost.

值得注意的是，從 GBTC 過渡到新的比特幣迷你信託的投資者不會產生應稅事件，消除了資本利得稅責任。這種優惠的稅收待遇進一步激勵了尋求以較低成本接觸比特幣的 GBTC 客戶。

Macroeconomic Context and Bitcoin's Resilience

宏觀經濟背景和比特幣的彈性

In a recent report on the post-halving market outlook, Grayscale Research provides a nuanced analysis of the potential impact of the upcoming halving event on the price of Bitcoin. While acknowledging the absence of guaranteed price appreciation, the report highlights several factors that suggest a potential for exponential growth.

在最近一份關於減半後市場前景的報告中，灰階研究對即將到來的減半事件對比特幣價格的潛在影響進行了細緻的分析。該報告承認價格升值缺乏保證，但強調了幾個表明存在指數成長潛力的因素。

Key Indicators: Hashrate Growth and Bitcoin's Increasing Utility

關鍵指標：算力成長與比特幣實用性的提高

The unrelenting growth of the hashrate and the robust financial position of miners, who have strategically liquidated a portion of their on-chain reserves in anticipation of the halving, are positive indicators for Bitcoin's future.

算力的持續成長和礦商穩健的財務狀況（他們在減半的預期中策略性地清算了部分鏈上儲備）是比特幣未來的積極指標。

Additionally, the innovation of Ordinals inscriptions and the launch of Runes have introduced new dimensions of utility to Bitcoin, transforming it from a digital gold to a more versatile and unexplored asset.

此外，序數銘文的創新和符文的推出為比特幣引入了新的實用維度，將其從數位黃金轉變為更通用和未經開發的資產。

Spot ETFs and Post-Halving Prospects

現貨ETF和減半後的前景

Grayscale emphasizes the significance of the launch of spot ETFs in January, which has contributed to a significant reduction in selling pressure on Bitcoin and a subsequent rise in value.

Grayscale強調了1月推出現貨ETF的重要性，這有助於大幅減輕比特幣的拋售壓力以及隨後的價值上漲。

The upcoming halving of the supply of new BTC, combined with the continued presence of spot ETFs, could provide the necessary impetus for Bitcoin to navigate the post-halving challenge.

即將到來的新 BTC 供應量減半，加上現貨 ETF 的持續存在，可能會為比特幣應對減半後的挑戰提供必要的動力。

Conclusion: A Game-Changer in Bitcoin Investing

結論：比特幣投資的遊戲規則改變者

Grayscale's Bitcoin Mini Trust represents a transformative force in the Bitcoin ETF landscape, offering investors unparalleled access to Bitcoin with exceptionally low fees. Its strategic asset allocation, tax-efficient transition mechanism, and alignment with key market indicators position it as a game-changer for Bitcoin investing.

Grayscale 的比特幣迷你信託代表了比特幣 ETF 領域的變革力量，為投資者提供了無與倫比的以極低費用獲取比特幣的機會。其策略性資產配置、節稅過渡機制以及與關鍵市場指標的一致性使其成為比特幣投資的遊戲規則改變者。

As Bitcoin continues to evolve and gain wider adoption, the launch of Bitcoin Mini Trust is a testament to Grayscale's commitment to innovation and providing investors with the best possible tools to participate in the burgeoning cryptocurrency market.

隨著比特幣不斷發展並獲得更廣泛的採用，比特幣迷你信託的推出證明了灰度致力於創新，並為投資者提供參與蓬勃發展的加密貨幣市場的最佳工具。