Grayscale has filed to register a new ‘mini version’ of its Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF), under the ticker symbol “$BTC”.

The investment manager submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) on March 11, Subject to approval, the new fund would be listed on the New York Stock Exchange and operate independently of Grayscale’s main GBTC fund.

The shares of the new Bitcoin ( BTC ) trust are planned to be distributed to existing GBTC shareholders, as GBTC will also contribute an undisclosed amount of Bitcoin to the new trust, according to the filing.

The new trust aims to offer GBTC investors tax-free exposure to Bitcoin, according to Bloomberg ETF analyst James Seyffart, who noted in a March 12 X (formerly Twitter) post :

“There is no fee disclosed yet or what % of $GBTC will spin off but pretty sure this will be a non-taxable event for a chunk of those shares to get into a cheaper and cost-competitive product.”

Related: CoinShares acquires Valkyrie's ETF business

This is a developing story, and further information will be added as it becomes available.