Grayscale to File Application for Mini Spot Bitcoin ETF

Grayscale to File Application for Mini Spot Bitcoin ETF

Grayscale, the biggest Bitcoin Trustee in the world, recently applied for a mini spot Bitcoin ETF. This Bitcoin Trust is set to offer investors a tax-free exposure to Bitcoin. The article published by Bloomberg analysis has confirmed that the firm plans to list the mini version of GBTC ETF with the ticker BTC.

On this account, the firm submitted an S-1 form with SEC on 11th March. When approved the mini Bitcoin trust will list at the New York Stock Exchange.

Tax-Free Exposure to Bitcoin

Cointelegraph reported that BTC is going to operate as an individual fund independent of the main GBTC ETF. The shares of the BTC are not accessible to existing GBTC investors. Additionally, GBTC will issue an undisclosed amount of Bitcoins to the mini trust. The new trust has a tax-free exposure to Bitcoin as per a 12th March post by Bloomberg senior analyst James Seyffart on social media.

He noticed that, at present, the total amount of Bitcoins to be transferred to mini GBTC fund remains undisclosed. However, he retained that the transfer is going to be a non-taxable event such that shares of the new funds are economic and cost-competitive.

VanEck another firm managing a spot Bitcoin ETF declared after $71,415 Bitcoin ETH on 11th March that it intends to sponsor fees to zero for the first $1.5 billion in the self-issued Bitcoin Trust ETF until the end of March next year.

Approval of Spot Ethereum ETF

Speaking on the matter of a spot ETF backed by Ethereum, Bloomberg senior analyst Erid Balchunas spoke with Cointelegraph. He projected that the chances of an Ethereum ETF approval are around 35%.

He further noted that one of the main reasons for his prediction was 73 days ahead of the final date for the regulators to issue a verdict. However, there has been complete silence from SEC on the matter which is not a good sign.

As per a Bitcoin price analytics report published on Cointelegraph, Bitcoin has a chance to reach around $340K byt eh upside of the Bull Run. This analysis was quoted from Willy Woo.

The analyst noted that after new ATH of $71K on 11th March, Ethereum followed suit and crossed $4000 price point for the first time since 2021. He noted that Bitcoin at $71 thousand places the digital asset at the upper and lower bound models.

The upper bound leads to around $340K since the ongoing Bull Run is still early and emulates $20K price point of the bullish movement. The Macro Index of Bitcoin crossed the blue band at the upper side for the ongoing week. Woo noticed that these signs are indicative of fundamentals-backed gains.

Rekt Capital analyst told Cointelegraph that the current bullish movement may record a macro top earlier than previous cycles. He opined that the next bull market peak to take place after 266-315 days.

Discovery Phase of Bitcoin

CryptoCoin noted that the 4-year cycle for Bitcoin may accelerate within one year in an 11th March post. He claimed that Bitcoin has now officially started the discovery phase. On this account, the new ATHs are set to take place one year earlier than usual. He proclaimed that this could spell the ending of 4-year recurrence.

He claimed that the structured cycles were projected to take place in the top late 2025 but right now they are on track for top-late this year.

Dave the wave, a pseudonymous Bitcoin analyst, has noted that Bitcoin could rally towards $170 thousand price point in accordance with technical indicators.  He posted the update on X on 11th March listing the Moving Average Convergence Divergence (MACD) is one of the technical indicators that have signaled continuation of Bitcoin price movement towards $170,000.

He noticed that the nascent parabola remains in sync with the matured parabola in May. Along the same lines, Ark Invest CEO Cathie Wood predicted $1 million price point for Bitcoin on 7th March in the long-term.

Richard Dodson
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Richard Dodson

Richard Dodson, a titan in crypto journalism, delves deep into the blockchain ecosystem with clarity and precision. With an innate ability to simplify intricate details, Richard's articles demystify the world of digital assets. His authoritative voice and profound insights make him a go-to expert in cryptocurrency discourse.

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