Anthony Scaramucci, a notable figure in the investment world, recently poured cold water on Grayscale Investments' plan to launch a "mini bitcoin trust".
Scaramucci predicts that the initiative will face delays and will transfer a significantly smaller portion of the Grayscale Bitcoin Trust (GBTC) assets than anticipated.
"The train has left the station," he added, expressing strong skepticism about the timeliness and scale of the transition from GBTC to the newly proposed Grayscale Bitcoin Mini Trust.
Grayscale's strategic pivot
In a bold move to stay competitive, Grayscale Investments filed for a new spot Bitcoin ETF, the Grayscale Bitcoin Mini Trust.
Aimed at addressing the outflows from its existing GBTC and appealing to a broader investor base, this new ETF proposes a possibly lower expense ratio.
The initiative is set to reposition Grayscale by offering existing GBTC holders an ETF with lower fees and enticing new investors with a more accessible investment vehicle.
By transferring a portion of bitcoin from GBTC to the new ETF, Grayscale hopes to stem the tide of outflows and reassert its dominance in the cryptocurrency investment space.
GBTC's massive outflows
As reported by U.Today, Grayscale's Bitcoin Trust has witnessed more than $10 billion worth of outflows. However, Grayscale's quick response with the filing for the Bitcoin Mini Trust has already shown signs of stabilizing the bleeding.
"Interesting that BTC will be seeded via a non-taxable spinoff of GBTC shares. Love this move," ETF expert Nate Geraci posted on X.
Valeria Blokhina
Vladislav Sopov
