This change makes it one of the most profitable options among the recently approved Bitcoin spot ETFs.

Grayscale Investments announced its upcoming Grayscale Bitcoin Mini Trust (BTC) exchange-traded fund (ETF), which will have significantly lower fees than its popular Grayscale Bitcoin Trust (GBTC).

According to the company, this new fund will have a fee of 0.15%, almost a tenth of the current 1.5% fee charged by GBTC.

However, Bloomberg analyst Eric Balchunas urged caution. In a post on X, Balchunas highlighted that these are pro forma financial data. That is, they are hypothetical, and investors should not rush to conclusions. He commented that, although commissions may be as advertised, the numbers could change before launch.

“The good news is they had to pick a number for this and knew ppl would be watching and they decided on 15bps,” Balchunas explained, suggesting that the low level of commissions was designed to catch investors’ attention.

Tax Evasion Trial against Binance in Nigeria Postponed until May 17

The tax evasion trial against Binance and two of its executives in a Nigerian court has been postponed until May 17. This was because the cryptocurrency exchange has not yet received formal notification of the charges, according to local sources.

Nigeria’s Federal Revenue Service (FIRS) has not officially handed over the charges to Binance, prompting Judge Emeka Nwite to postpone the proceedings. FIRS’ lawyer argued that Tigran Gambaryan, one of Binance’s executives, should be the main defendant, since both he and the exchange were charged together.

Gambaryan’s lawyer, Chukwuka Ikuazom, responded that under Nigerian law, they could not proceed with the trial without the main defendant, in this case Binance, being notified. Given this setback, the judge decided to reschedule the hearing for May 17. Hoping that by then the issue of notification will be resolved and the process can move forward.

Kathryn Haun Resigns from Coinbase Board of Directors to Focus on Haun Ventures

Kathryn Haun, former Assistant U.S. Attorney and partner at Andreessen Horowitz, announced her resignation from Coinbase’s board of directors after seven years of service. In a post on the social network X, Haun explained that while Coinbase is “well positioned to thrive,” the current “remarkable state of expansion” of cryptocurrencies led her to decide to focus on her venture investment firm, Haun Ventures.

Haun’s announcement was met with praise from several prominent members of the crypto community and Coinbase staff, including CEO Brian Armstrong, who described her as a “force of nature.” Armstrong thanked Haun for taking a risk by joining Coinbase and for her contribution to the company’s IPO process.

Haun’s resignation will be effective during Coinbase’s Annual Shareholders Meeting, scheduled for later this summer. According to a filing, the board plans to reduce its size to seven members following the departure of Haun, who was one of two women who held the directorship.

Victory Securities Announces Fees for Bitcoin and Ethereum ETFs in Hong Kong

Hong Kong-based investment firm Victory Securities has revealed the fees it will propose to investors for its Bitcoin and Ethereum exchange-traded funds (ETFs), following the recent approval of cryptocurrency ETF products in the region. This announcement comes even though the Hong Kong Securities and Futures Commission (SFC) has not yet published the list of approved ETF issuers.

For investors interested in trading existing ETF shares on the secondary market, commissions will be 0.15% for online transactions and 0.25% for telephone transactions. Which suggests different cost structures depending on the trading channel.

By Audy Castaneda


Please enter your comment!
Please enter your name here