Grayscale, a major asset management firm, is making significant changes to its Grayscale Bitcoin Trust (GBTC) for the first time since 2018, indicating a potential shift toward becoming a spot Bitcoin exchange-traded fund (ETF).
The planned adjustments include reducing the GBTC management fee from 2% to 0.7% and aligning it with fees charged by other firms awaiting spot Bitcoin ETF approval.
Grayscale also plans to transition fee collection from monthly to daily, adopt an omnibus account format for mingling assets, and allow for the creation and redemption of shares.
These changes, aimed at operational efficiency, are not expected to incur additional expenses for shareholders and are part of Grayscale’s routine business operations. Shareholders have a 20-day voting period for these updates.
Grayscale emphasizes its readiness to transition GBTC to a spot Bitcoin ETF on the NYSE Arca exchange pending regulatory approvals, with strategic amendments aimed at enhancing its competitive position in the evolving Bitcoin ETF market.
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