The U.S. Securities and Exchange Commission approved Grayscale's mini version of its Grayscale Bitcoin Trust (GBTC) on Friday.

The agency specifically approved the 19b-4 form for the Grayscale Bitcoin Mini Trust. The trust, under the ticker symbol "BTC," is intended to be a “spin-off” of GBTC, with new shares of the mini trust designed to be distributed to GBTC shareholders as GBTC contributes a certain amount of bitcoin to the trust, according to an S-1 filing posted in March.

"The Commission therefore finds that the Proposals, as with other ETPs that the Commission has approved are reasonably designed to promote fair disclosure of information that may be necessary to price the shares of the Trusts appropriately, to prevent trading when a reasonable degree of transparency cannot be …