Grayscale 推出革命性的比特币迷你信托，费用为前所未有的 0.15%

灰度比特币信托 (GBTC) 宣布计划推出一个新的比特币迷你信托，其费用为史无前例的 0.15%，这可能会削弱当前成本最低的现货比特币 ETF。在此之前，GBTC 由于收取 1.5% 的费用而出现大量资金流出，投资者寻求更具成本效益的选择。新的迷你信托提供了税收效率，因为转让无需纳税，这对拥有未实现收益的投资者具有吸引力。该信托最初将出资 63,204 BTC，并向 GBTC 股东发行 692,370,100 股股票。

Grayscale Announces Groundbreaking Bitcoin Mini-Trust with 0.15% Fee

Grayscale 宣布推出突破性的比特币迷你信托，收费 0.15%

In a groundbreaking move that could revolutionize the Bitcoin exchange-traded fund (ETF) market, Grayscale Investments is planning to launch a new Bitcoin mini-trust with an unparalleled fee of just 0.15%, as reported by Coindesk on April 22, 2023.

据 Coindesk 2023 年 4 月 22 日报道，Grayscale Investments 计划推出一项新的比特币迷你信托，其费用仅为 0.15%，这是一项可能彻底改变比特币交易所交易基金 (ETF) 市场的突破性举措。

Undercutting Competition with Lowest Fee

以最低的费用削弱竞争

If brought to fruition, this new offering would significantly undercut the current lowest-cost spot Bitcoin ETF, the Franklin Bitcoin ETF (EZBC), which levies a fee of 0.19%, according to data from Coinglass.

Coinglass 的数据显示，如果实现的话，这一新产品将大大低于目前成本最低的现货比特币 ETF，即富兰克林比特币 ETF (EZBC)，该基金收取 0.19% 的费用。

Outflows Prompt Fee Reduction

资金流出及时减费

This move comes in response to significant outflows from Grayscale's flagship Bitcoin Trust (GBTC), which has seen its Bitcoin holdings dwindle from 622,000 before the launch of the spot Bitcoin ETF on January 11, 2023, to approximately 300,000 as of April 19, 2023, as reported by Glassnode.

此举是为了应对灰度旗舰比特币信托（GBTC）的大量资金外流，该公司的比特币持有量从2023年1月11日推出现货比特币ETF前的622,000减少至截至2023年4月19日的约300,000。据 Glassnode 报道。

GBTC's High Fees Drive Outflows

GBTC 的高额费用导致资金外流

The high 1.5% fee associated with GBTC, compared to lower fees offered by competing ETFs, has been a major factor contributing to the outflows.

与竞争 ETF 提供的较低费用相比，GBTC 的 1.5% 高额费用是导致资金流出的一个主要因素。

Mini-Trust as Tax-Efficient Alternative

迷你信托作为节税替代方案

However, the proposed mini-trust could provide a tax-efficient solution for investors seeking to convert their holdings, as the transition would not be considered a taxable event, according to Coindesk.

然而，据 Coindesk 称，拟议的迷你信托可以为寻求转换其持股的投资者提供一种节税的解决方案，因为这种转换不会被视为应税事件。

Appealing to Investors with Unrealized Gains

吸引未实现收益的投资者

This is particularly attractive for investors who have accumulated substantial unrealized gains due to GBTC's significant discount over the years, as shown by data from ycharts.

正如 ycharts 的数据所示，这对于多年来因 GBTC 大幅折价而积累了大量未实现收益的投资者来说尤其有吸引力。

SEC Filing Reveals Details

美国证券交易委员会 (SEC) 文件披露细节

An SEC filing indicates that Grayscale will contribute 63,204 BTC to the new BTC Trust, resulting in the issuance and distribution of 692,370,100 shares of the trust to GBTC shareholders.

SEC 文件显示，Grayscale 将向新的 BTC 信托基金捐赠 63,204 BTC，从而向 GBTC 股东发行和分配 692,370,100 股信托股票。

Analyst Perspective

分析师视角

Bloomberg's senior ETF analyst Eric Balchunas notes that these financial projections are hypothetical and do not necessarily guarantee that the actual fee will be 0.15%.

彭博社的高级 ETF 分析师 Eric Balchunas 指出，这些财务预测都是假设性的，并不一定保证实际费用为 0.15%。

Conclusion

结论

Grayscale's plan to launch a Bitcoin mini-trust with an ultra-low fee represents a significant development in the Bitcoin ETF market. If successful, this offering could attract investors seeking a more cost-effective way to gain Bitcoin exposure, potentially leading to further outflows from GBTC and a shift in market dynamics.

Grayscale 计划推出超低费用的比特币迷你信托，代表着比特币 ETF 市场的重大发展。如果成功，此次发行可能会吸引寻求更具成本效益的方式来获得比特币敞口的投资者，从而可能导致 GBTC 进一步资金流出以及市场动态的转变。