Grayscale's Bitcoin Mini Trust, which has the much-coveted BTC ticker symbol, is on track to be launched on July 31.
According to prominent ETF analyst James Seyffart, this means that both Bitcoin and Ethereum mini trusts will go live before the end of the month.
Both products will have fees of just 15 basis points, which would make them the cheapest options among other ETFs.
Godfrey BenjaminGrayscale is credited with securing the approval of spot crypto ETFs in the U.S. by winning its landmark lawsuit against the U.S. Securities and Exchange Commission last year.
However, Grayscale's GBTC emerged as a major bearish factor due to its massive outflows. This was partly due to its exorbitantly high fee of 1.5%.
After months of negative headlines, Grayscale might finally have its own time to shine with the launch of the "mini" version. The low-fee spin-off is expected to make Grayscale extremely competitive in the space that is currently being dominated by financial behemoth BlackRock.
Nate Geraci, president at The ETF Store, claims that it will be fascinating to watch Grayscale's inflows given that Bitcoin Mini Trust will immediately become the sixth largest spot Bitcoin ETF by assets (while being the cheapest one on top of that).
Grayscale initially announced the launch of the smaller fund with the much-coveted ticker back in March, in order to provide investors with untaxable exposure to the leading cryptocurrency.
Bitcoin ETFs expand their streak of inflows
In the meantime, Bitcoin ETFs recorded their 10th consecutive day of inflows on July 18, expanding the impressive streak.
On Thursday, these products attracted $84.8 million worth of inflows. BlackRock's IBIT recorded $102.7 million worth of inflows, offsetting the $22.5 million worth of outflows logged by Grayscale's GBTC.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
Vladislav Sopov