SEC Greenlights NYSE Arca to List Grayscale Bitcoin Mini Trust

The SEC has approved NYSE Arca’s proposal to list and trade shares of the Grayscale Bitcoin Mini Trust. Grayscale’s new trust will feature competitive fees. “This approval order is based on all of the exchanges’ representations and descriptions in their respective amended filings, which the Commission has carefully evaluated,” said the securities regulator.

SEC Approves NYSE Arca’s Proposal to List and Trade Grayscale Bitcoin Mini Trust

The U.S. Securities and Exchange Commission (SEC) approved NYSE Arca’s proposal to list and trade shares of the Grayscale Bitcoin Mini Trust on Friday. This decision follows the submission of a modified rule change by NYSE Arca. In the same order, the SEC also granted accelerated approval of Cboe BZX Exchange’s proposed rule change to list and trade shares of the Pando Asset Spot Bitcoin Trust.

According to the SEC announcement:

This approval order is based on all of the exchanges’ representations and descriptions in their respective amended filings, which the Commission has carefully evaluated.

Grayscale is seeking SEC approval to introduce the Grayscale Bitcoin Mini Trust, a lower-fee version of its GBTC product. The company previously explained that this new trust will be seeded with a percentage of GBTC shares. A key advantage for current GBTC investors is that the spin-off will not incur capital gains taxes.

The fees for the new trust will be competitive with existing low-cost bitcoin exchange-traded funds (ETFs), though specific rates have not been disclosed. The Grayscale Bitcoin Mini Trust will trade under the BTC ticker on NYSE Arca, appealing to registered investment advisors and broker networks seeking more affordable bitcoin ETF options.

The SEC explained that the approval is contingent on the trust’s adherence to specific regulatory requirements designed to prevent fraudulent activities and protect investors. This includes robust surveillance measures and the availability of comprehensive information for investors.

“The Proposals are consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange, and in particular, with Section 6(b)(5) and Section 11A(a)(1)(C)(iii) of the Exchange Act,” the SEC detailed.

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