{"id":630709,"date":"2024-07-20T18:00:29","date_gmt":"2024-07-20T18:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=630709"},"modified":"2024-07-20T10:10:19","modified_gmt":"2024-07-20T10:10:19","slug":"heres-what-to-know-on-grayscale-bitcoin-ethereum-etf-spinoffs-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/crypto\/heres-what-to-know-on-grayscale-bitcoin-ethereum-etf-spinoffs-details\/","title":{"rendered":"Here\u2019s What To Know On Grayscale Bitcoin &amp; Ethereum ETF Spinoffs &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Prominent asset manager Grayscale Investments is set to launch spinoffs of their Grayscale Ethereum Trust\u2019s (ETHE) and <a href=\"https:\/\/wncen.com\/news\/grayscale-battling-outflows-and-lower-cost-etfs-q1-revenue-stays-flat-at-156m\/\" target=\"_blank\" rel=\"noopener \">Grayscale Bitcoin Trust (GBTC)<\/a> exchange-traded funds (ETF). Following inquiries by market spectators and potential investors, Bloomberg analyst James Seyffart has provided much insight into the nature and operation of these spinoffs.<\/span><\/p>\n<h2>Grayscale ETF Spinoff Based On 90-10% Sharing Format, Seyffart Says<\/h2>\n<p><span style=\"font-weight: 400\">On Friday, James Seyffart published a <a href=\"https:\/\/x.com\/JSeyff\/status\/22754773\" target=\"_blank\" rel=\"noopener nofollow\">thread<\/a> on social media platform X, discussing vital information about Grayscale\u2019s ETF spin-offs Grayscale Ethereum Mini Trust (ETH) and Grayscale Bitcoin Mini Trust (BTC), which are based on the company\u2019s ETHE and GBTC\u2019s funds respectively.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/blackrock-largest-bitcoin-fund\/\">BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In The World With $20 Billion AUM<\/a><\/p>\n<p><span style=\"font-weight: 400\">An ETF spinoff occurs when a portion of an ETF\u2019s holdings is separated into a new, independent ETF. In this process, shareholders of the original ETF, i.e. EHTE and GBTC, automatically receive shares of the new ETF, i.e. ETH and BTC. <\/span><span style=\"font-weight: 400\">However, the amount each shareholder receives is proportional to their holdings in the original ETF and the sharing formula of the spinoff.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Doing a thread on the situation for <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Grayscale<\/a>&#39;s spinoff for <a href=\"https:\/\/twitter.com\/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETHE<\/a> &amp; <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> because I&#39;ve gotten about a million questions on it. The mechanics will be essentially the same for <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$GBTC<\/a> &amp; <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> spinoff. If you own 1,000 shares of <a href=\"https:\/\/twitter.com\/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETHE<\/a>, you should receive 1,000 shares of mini <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a>. 1\/ <a href=\"https:\/\/t.co\/Er66mj5L46\" rel=\"nofollow\">pic.twitter.com\/Er66mj5L46<\/a><\/p>\n<p>&mdash; James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/22754773?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 19, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Seyffart explains that Grayscale spinoffs are based on the same mechanics, whereby if you have 1000 shares of ETHE or GBTC,\u00a0 you will receive 1000 shares of ETH or BTC.\u00a0 <\/span><span style=\"font-weight: 400\">Nevertheless, in terms of value, Seyffart states that an initial $1000 worth of ETHE or GBTC will decrease to $900, while the shares in the new ETFs accumulate a value of $100, implying that Grayscale is employing a 90-10% sharing formula.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, the Bloomberg analyst highlighted that the spinoff for ETHE is programmed for July 23, while that of GBTC will occur on July 31.\u00a0 <\/span><span style=\"font-weight: 400\">However, to be eligible for share distributions from the new ETFs, investors should have purchased shares in these original funds before or on the record dates for these spin-offs, which are July 18th for ETHE and July 30 for BTC. Thereafter, investors will have to purchase shares of ETH as a separate, independent fund.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Seyffart notes the record date for ETHE is already past, stating the low price of the ETF at the start of trading was due to the spinoff process on that day. The analyst warns investors to anticipate a similar fate for GBTC on July 30.<\/span><\/p>\n<h2>Importance Of Grayscale\u2019s ETF Spinoffs<\/h2>\n<p><span style=\"font-weight: 400\">Spinoffs are generally conducted for various reasons but with the aim of satisfying a more focused demand. <\/span><span style=\"font-weight: 400\">According to Grayscale, their latest spinoffs aim to offer investors the choice of buying a similar product but at lower fees. For context, the proposed ETH spin-off will be accompanied by a sponsor fee of only 0.15% which is quite low in comparison to ETHE\u2019s 2.5% fee.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/bitwise-cio-bullish-on-ethereum-etfs-fueling-surge-to-record-highs-above-5000\/\" target=\"_blank\" rel=\"noopener \">Related Reading: Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000<\/a><\/p>\n<p><span style=\"font-weight: 400\">Currently, both ETHE and GBTC continue to trade at $29.71 and $59.68, respectively, with a market gain of 3.31% and 5.82% in the last 24 hours.<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/GF8mlI6L\/\" alt=\"Grayscale\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">GBTC trading at $59.68 on the daily trading chart | Source: GBTC chart on Tradingview.com<\/figcaption><\/figure>\n<\/div>\n<div class=\"disclaimer-shortcode\">Featured image from The Economic Times, chart from Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prominent asset manager Grayscale Investments is set to launch spinoffs of their Grayscale Ethereum Trust\u2019s (ETHE) and Grayscale Bitcoin Trust (GBTC) exchange-traded funds (ETF). Following inquiries by market spectators and potential investors, Bloomberg analyst James Seyffart has provided much insight into the nature and operation of these spinoffs. Grayscale ETF Spinoff Based On 90-10% Sharing Format, Seyffart Says On Friday, James Seyffart published a thread on social media platform X, discussing vital information about Grayscale\u2019s ETF spin-offs Grayscale Ethereum Mini Trust (ETH) and Grayscale Bitcoin Mini Trust (BTC), which are based on the company\u2019s ETHE and GBTC\u2019s funds respectively. Related Reading: BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In The World With $20 Billion AUM An ETF spinoff occurs when a portion of an ETF\u2019s holdings is separated into a new, independent ETF. In this process, shareholders of the original ETF, i.e. EHTE and GBTC, automatically receive shares of the new ETF, i.e. ETH and BTC. However, the amount each shareholder receives is proportional to their holdings in the original ETF and the sharing formula of the spinoff. &nbsp; \u00a0 Seyffart explains that Grayscale spinoffs are based on the same mechanics, whereby if you have 1000 shares of ETHE or GBTC,\u00a0 you will receive 1000 shares of ETH or BTC.\u00a0 Nevertheless, in terms of value, Seyffart states that an initial $1000 worth of ETHE or GBTC will decrease to $900, while the shares in the new ETFs accumulate a value of $100, implying that Grayscale is employing a 90-10% sharing formula.\u00a0 Furthermore, the Bloomberg analyst highlighted that the spinoff for ETHE is programmed for July 23, while that of GBTC will occur on July 31.\u00a0 However, to be eligible for share distributions from the new ETFs, investors should have purchased shares in these original funds before or on the record dates for these spin-offs, which are July 18th for ETHE and July 30 for BTC. Thereafter, investors will have to purchase shares of ETH as a separate, independent fund. Seyffart notes the record date for ETHE is already past, stating the low price of the ETF at the start of trading was due to the spinoff process on that day. The analyst warns investors to anticipate a similar fate for GBTC on July 30. Importance Of Grayscale\u2019s ETF Spinoffs Spinoffs are generally conducted for various reasons but with the aim of satisfying a more focused demand. According to Grayscale, their latest spinoffs aim to offer investors the choice of buying a similar product but at lower fees. For context, the proposed ETH spin-off will be accompanied by a sponsor fee of only 0.15% which is quite low in comparison to ETHE\u2019s 2.5% fee. Related Reading: Related Reading: Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000 Currently, both ETHE and GBTC continue to trade at $29.71 and $59.68, respectively, with a market gain of 3.31% and 5.82% in the last 24 hours. Featured image from The Economic Times, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":630710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386],"tags":[428,79512,7558,7523,92789,92788,84651],"class_list":["post-630709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-bitcoin","tag-ethe","tag-gbtc","tag-grayscale","tag-grayscale-bitcoin-mini-trust-btc","tag-grayscale-ethereum-mini-trust-eth","tag-james-seyffart"],"acf":[],"yoast_head":"\n<title>Here\u2019s What To Know On Grayscale Bitcoin &amp; Ethereum ETF Spinoffs - Details<\/title>\n<meta name=\"description\" content=\"Bloomberg analyst James Seyffart has provided much insight into the nature and operation of Grayscale ETF spinoffs.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/crypto\/heres-what-to-know-on-grayscale-bitcoin-ethereum-etf-spinoffs-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s What To Know On Grayscale Bitcoin &amp; 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