STAMFORD, Conn. – Grayscale Investments, a leading crypto asset manager, announced on Wednesday that the United States Securities and Exchange Commission (SEC) has approved the listing of Grayscale Bitcoin Trust (GBTC) on the NYSE Arca exchange. This approval marks a significant milestone, as GBTC will operate as one of the first bitcoin exchange-traded funds (ETFs) in the United States. Trading of GBTC shares on NYSE Arca is expected to begin on January 11, 2024, replacing the current OTC Markets platform.
The Grayscale Bitcoin Trust, which was established in 2013 and began public trading in 2015, holds approximately 3.16% of the total bitcoins in circulation as of January 9, 2024. The transition to a spot Bitcoin ETF format is expected enabling the trust to more accurately reflect the value of its underlying bitcoin holdings, net of expenses, through the issuance of registered shares and the facilitation of simultaneous creations and redemptions.
Grayscale CEO Michael Sonnenshein expressed gratitude for the SEC’s thorough review and the support of GBTC investors throughout the process. He highlighted the importance of this development for GBTC investors and the broader potential of cryptocurrencies.
Existing shareholders of GBTC are not required to take any action in connection with the listing. Once listed on NYSE Arca, the trust company intends to issue additional shares on a registered basis under the Securities Act of 1933.
Grayscale’s decision to list GBTC on the NYSE Arca is seen as a crucial step for the fund and for investors looking for regulated investment opportunities in the digital currency space.
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