Digital asset manager Grayscale Investments, LLC on March 12, 2024 filed for a spin-off of its spot bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust (BTC) (ARCA:GBTC). The spin-off is part of a bid to offer investors lower-fee exposure to bitcoin, according to a person familiar with the matter. GBTC - which in January received approval to convert from a trust to an ETF - currently has higher fees than its peers, one of the key factors in drawing investors to rival ETFs, Reuters has reported.

Grayscale filed to list shares of a new investment product, the Grayscale Bitcoin Mini Trust, which will receive a certain amount of bitcoin held by GBTC. In exchange, current GBTC shareholders will get stock in the Mini Trust, the company said.