灰度推出比特币迷你信托，收费超低

Grayscale 的比特币迷你信托是 GBTC ETF 的衍生品，将为投资者提供更具成本效益的选择，费用为 0.15%，远低于行业平均水平。该基金最初将分配价值 40 亿美元的比特币，使其成为资产管理规模第四大的比特币现货 ETF。此次分配将为现有 GBTC 股东提供 Mini Trust 的股票，预计将在纽约证券交易所 Arca 交易，股票代码为“BTC”。这一公告恰逢灰度比特币信托资金持续流出。

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

灰度公布新比特币迷你信托的详细信息，并公布行业低费用

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.

资产管理巨头灰度公布了有关其备受期待的比特币迷你信托的复杂细节，该信托是其旗舰交易所交易基金（ETF）灰度比特币信托（GBTC）的子公司。迷你信托于三月推出，准备独立运营，为寻求比特币投资的投资者提供一个经济高效的途径。

Unveiling an Unprecedented Fee Structure

推出前所未有的费用结构

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%.

在最近向美国证券交易委员会 (SEC) 提交的一份文件中，Grayscale 概述了对其比特币迷你信托收取 0.15% 象征性费用的计划，这与 GBTC 目前收取的 1.5% 费用相比显着降低。这一极低的费用使迷你信托成为今年早些时候批准的 11 只比特币 ETF 中最经济的选择，以 0.19% 的费用超越了富兰克林邓普顿基金。

Initial Distribution and Fund Size

初始分配和基金规模

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 的文件显示，其打算分配 63,620 枚比特币，相当于年初 GBTC 比特币持有量的 10%（约 40 亿美元），用于迷你信托的初始分配。这一巨额注资将使 Mini Trust 成为按资产管理规模 (AUM) 计算的第四大比特币现货 ETF，仅次于贝莱德 (BlackRock) 的 IBIT、富达 (Fidelity) FBTC 和灰度 (Grayscale) 的 GBTC。

Distribution Mechanism and Exchange Listing

分配机制及交易所上市

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.

现有 GBTC 股东将获得 Grayscale Mini Trust 的股份。该资产管理公司打算将该基金在纽约证券交易所 Arca 上市，股票代码为“BTC”，预计在首次分配后立即开始交易。

Hypothetical Nature of Financial Metrics

财务指标的假设性质

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 分析师 Eric Balchunas 强调了与灰度比特币迷你信托相关的财务指标的假设性质。巴尔丘纳斯表示：“这是预计的财务数据，因此是假设的。”他强调，在基金成立之前可能会进行修改。

Continued Outflows from Grayscale Bitcoin Trust

灰度比特币信托资金持续流出

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.

尽管推出了迷你信托，但灰度比特币信托自成立以来仍见证了持续的提款。根据 SoSo Value 的数据，GBTC 上周净流出 4582 万美元。

Conclusion

结论

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 即将推出的比特币迷你信托代表了比特币 ETF 格局的重大转变，为投资者提供了一种经济高效且易于获得的选择，以投资全球最大的加密货币。虽然与迷你信托相关的财务指标可能会发生调整，但低廉的费用结构和 40 亿美元的比特币初始分配证明了 Grayscale 致力于为其客户提供创新投资工具的承诺。随着该基金首次交易的临近，投资者将热切地预期它将对更广泛的比特币 ETF 生态系统产生影响。