# Grayscale Bitcoin Mini Trust ETF

Grayscale Bitcoin Mini Trust ETF is an Asset Manager based in Stamford, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Stamford, United States
- **Region:** North America
- **Address:** Stamford, CT, United States
- **Founded:** 2024
- **Assets under management:** Undisclosed
- **Website:** grayscale.com

## Regulatory record

- **Reports private funds:** No

## About

Grayscale Bitcoin Mini Trust ETF debuted in July 2024 as a product of Grayscale Investments, the largest digital asset manager. CEO Michael Sonnenshein oversaw the launch alongside the firm's research head Zach Pandl. The ETF was created by spinning off a portion of assets from Grayscale Bitcoin Trust (GBTC) into a new vehicle with a 0.15% expense ratio — substantially lower than GBTC's 1.5% fee (per SEC filings, 2024). The trust invests exclusively in bitcoin, tracking the CoinDesk Bitcoin Price Index. It is structured as a grantor trust, meaning it holds bitcoin directly and passes through tax treatment to shareholders. The fund does not use derivatives or leverage. Its fee structure is intended to compete with spot bitcoin ETFs from BlackRock and Fidelity that launched earlier in 2024. As of late 2024, the trust held approximately $2.5B in assets under management (per Grayscale investor materials, 2024). Grayscale is headquartered in Stamford, Connecticut, with a team of roughly 100 professionals (per the firm, 2024). The firm manages over $25B across its suite of digital asset products. The Mini Trust ETF trades under ticker BTC on NYSE Arca. Grayscale also operates a secondary market for private placements via Grayscale Securities (per SEC Form D filings). What distinguishes the Grayscale Bitcoin Mini Trust ETF from its larger sibling, GBTC, is its fee structure and spin-off mechanics. Existing GBTC shareholders received a proportional distribution of shares in the Mini Trust, allowing them to effectively lower their aggregate fee burden without triggering a taxable event. This structure reflects Grayscale's effort to retain assets as competition in spot bitcoin ETFs intensifies (per SEC filings, July 2024).

## Sectors

- Digital Assets

## People

- Michael Sonnenshein — CEO, Grayscale Investments
- Zach Pandl — Managing Director of Research, Grayscale

## Questions

### How is Grayscale Bitcoin Mini Trust ETF different from GBTC?

The Mini Trust has a 0.15% expense ratio versus GBTC's 1.5% fee. It was created through a tax-free spin-off for existing GBTC shareholders, distributing shares pro rata (per SEC filings, July 2024).

### What does the ETF invest in?

The fund invests exclusively in bitcoin, tracking the CoinDesk Bitcoin Price Index. It holds no other digital assets, derivatives, or securities (per the fund's prospectus, 2024).

### What is the ticker and exchange for this ETF?

The ETF trades under ticker BTC on NYSE Arca (per Grayscale, 2024).

### How does the fee structure compare to competitors?

At 0.15%, it matches the fees of spot bitcoin ETFs from BlackRock (IBIT) and Fidelity (FBTC) that launched in January 2024, undercutting Grayscale's own GBTC at 1.5% (per fund filings, 2024).

### Is the ETF available to retail investors?

Yes, it trades as an exchange-traded fund on NYSE Arca and can be bought or sold like any other ETF through brokerage accounts (per Grayscale).

### What tax implications apply to the spin-off?

The distribution of Mini Trust shares to existing GBTC shareholders was structured as a tax-free event under the Internal Revenue Code (per Grayscale's SEC filings, July 2024). Subsequent gains or losses on sales of the shares are subject to capital gains tax.

### Who manages the trust?

Grayscale Investments, LLC serves as the sponsor. CEO Michael Sonnenshein leads the firm, with Zach Pandl as Managing Director of Research. The trust is administered by third-party trustees and custodians (per Grayscale's website, 2024).

## Related profiles

- [Grayscale Bittensor Trust (TAO)](https://altss.com/profile/grayscale-bittensor-trust-tao)

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Last updated: 2026-06-03T20:00:00.000Z

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