Grayscale革命性的“比特币迷你信托”揭晓：史无前例的0.15%费用撼动ETF格局

Grayscale Investment LLC 已向 SEC 注册了其新的现货 ETF“比特币迷你信托”(BTC)。该基金从 GBTC 剥离出来，将以 0.15% 的创纪录费用在 NYSE Arca 上市，远低于 GBTC 1.5% 的费用。此举旨在阻止客户流向收费较低的竞争对手。从 GBTC 转向 BTC 的投资者将避免应税事件，从而吸引寻求低成本投资比特币的投资者。推出时，Bitcoin Mini Trust 将持有 GBTC 约 10% 的 BTC 股份，将其定位为资产管理规模第四大基金，不包括 Ark、Bitwise、VanEck 和 Walkyrie 等竞争对手。

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

Grayscale的“比特币迷你信托”：革命性的ETF，费用史无前例的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，加密货币投资行业的领先者 Grayscale Investment LLC 采取了重大举措，通过 S-1 表格注册了其新的现货交易所交易基金 (ETF)，股票代码为“BTC”。证券交易委员会（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%.

这只新基金被恰当地命名为“比特币迷你信托”，代表着 Grayscale 旗舰基金 GBTC 的突破性分拆。它将很快在纽约证券交易所 Arca 交易所上市，为投资者提供前所未有的投资比特币的机会，且费用极低，仅为 0.15%。

Competitive Edge: Unrivaled Fees in the Bitcoin ETF Market

竞争优势：比特币 ETF 市场无与伦比的费用

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，与比特币迷你信托相关的 0.15% 费用在比特币 ETF 市场中具有颠覆性力量，与灰度目前为管理 GBTC 收取的 1.5% 费用形成鲜明对比。这种极具竞争力的费用结构使比特币迷你信托成为最具成本效益和最容易获得的比特币 ETF。

Genesis of Bitcoin Mini Trust: Responding to Market Demand

比特币迷你信托的起源：响应市场需求

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.

比特币迷你信托的创建源于 Grayscale 对最近 GBTC 客户流失的敏锐认识，这些客户被 IBIT、FBTC 和 ARKB 等竞争对手的基金所吸引，这些基金的管理费要低得多。

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.

为了应对这一市场转变，比特币迷你信托的出现是灰度对投资者不断变化的需求的回应，提供了低费用以及灰度管理的安全性和可信度的引人注目的组合。

Strategic Asset Allocation: Leveraging GBTC's Holdings

战略资产配置：发挥GBTC持仓杠杆作用

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.

比特币迷你信托推出时将使用 63,620 BTC 作为基础资产，约占 GBTC 年初持有股份的 10%。这种战略配置使比特币迷你信托能够从 GBTC 随着时间的推移积累的大量比特币储备中受益。

Tax Implications: A Smooth Transition

税务影响：平稳过渡

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，从 GBTC 过渡到新的比特币迷你信托的投资者不会产生应税事件，从而消除了资本利得税责任。这种优惠的税收待遇进一步激励了寻求以较低成本接触比特币的 GBTC 客户。

Macroeconomic Context and Bitcoin's Resilience

宏观经济背景和比特币的弹性

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.

在最近一份关于减半后市场前景的报告中，灰度研究对即将到来的减半事件对比特币价格的潜在影响进行了细致的分析。该报告承认价格升值缺乏保证，但强调了几个表明存在指数增长潜力的因素。

Key Indicators: Hashrate Growth and Bitcoin's Increasing Utility

关键指标：算力增长和比特币实用性的提高

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.

算力的持续增长和矿商稳健的财务状况（他们在减半的预期中战略性地清算了部分链上储备）是比特币未来的积极指标。

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，序数铭文的创新和符文的推出为比特币引入了新的实用维度，将其从数字黄金转变为更通用和未经开发的资产。

Spot ETFs and Post-Halving Prospects

现货ETF和减半后的前景

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强调了1月份推出现货ETF的重要性，这有助于大幅减轻比特币的抛售压力以及随后的价值上涨。

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.

即将到来的新 BTC 供应量减半，加上现货 ETF 的持续存在，可能会为比特币应对减半后的挑战提供必要的动力。

Conclusion: A Game-Changer in Bitcoin Investing

结论：比特币投资的游戏规则改变者

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 的比特币迷你信托代表了比特币 ETF 领域的变革力量，为投资者提供了无与伦比的以极低费用获取比特币的机会。其战略性资产配置、节税过渡机制以及与关键市场指标的一致性使其成为比特币投资的游戏规则改变者。

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.

随着比特币不断发展并获得更广泛的采用，比特币迷你信托的推出证明了灰度致力于创新，并为投资者提供参与蓬勃发展的加密货币市场的最佳工具。