Patient Capital Management replaces Grayscale Bitcoin Trust with crypto ETP

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Affected person Capital Administration filed with the SEC to buy spot Bitcoin ETFs for 15% of its Alternative Belief Fund.

In accordance with an updated filing with the U.S. SEC, Affected person Capital Administration has amended its current submitting to replace its danger elements. The applying now states “cryptocurrency regulation danger” as an alternative of “Bitcoin (BTC) danger.”

“All references to Grayscale Bitcoin Belief all through the Abstract Prospectus are changed with references to Bitcoin ETPs. Beforehand, the fund’s publicity to Bitcoin was restricted to funding in Grayscale Bitcoin Belief, a privately supplied funding automobile whose shares had been additionally over-the-counter shares and which not too long ago transformed to a Bitcoin ETP.”

Affected person Capital Administration submitting

With the up to date submitting, Affected person Capital Administration has considerably expanded the fund’s funding capabilities to incorporate all exchange-traded merchandise (ETPs) moderately than the Grayscale fund.

The agency is investing as much as 15% of its capital in BTC ETPS—about $200 million, primarily based on belongings beneath administration (AUM) of $1.4 billion.

Together with Affected person Capital Administration, Grayscale filed a brand new software with the SEC, a Kind S-1, to create the Grayscale Bitcoin Mini Belief.

Bloomberg analyst James Seyffart recommended the brand new fund was looking for to offer a tax benefit.

Launched in January 2024, Grayscale’s GBTC stood out amongst different spot Bitcoin ETFs with its comparatively excessive 1.5% charge. As competitors will increase, Grayscale is deprived because of its comparatively excessive charges.

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