Grayscale’s Bitcoin ETF (GBTC) plunged over 11% to $52.87 amid accelerated outflows and the spinoff of its new Bitcoin Mini Trust. This decline, marking a pivotal moment, reflects the anticipated shift of a portion of GBTC’s BTC holdings to the new trust.
James Seyffart from Bloomberg noted that trading for the new fund, with ticker BTC, is expected to start soon, pending SEC approvals. The new trust aims to streamline operations and improve pricing accuracy.
Each GBTC shareholder will receive a one-for-one distribution of BTC shares, enhancing market stability and transparency.
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