- As widely anticipated following the SEC’s approval of the spot Bitcoin
ETF, Grayscale’s Bitcoin ETF conducted its initial pre-market trades on the New York Stock Exchange.
- Launched in 2013, GBTC went public on OTCQX in 2015 and attained the status of a Securities Exchange Act reporting company in 2020.
- Following the listing, the Trust plans to issue additional shares on a registered basis under the Securities Act of 1933.
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Following the SEC’s approval of spot Bitcoin ETFs, Grayscale’s ETF makes its debut on the NYSE.
Grayscale Spot Bitcoin ETF’s Initial Trades
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As expected on a broad scale after the SEC’s approval of the spot Bitcoin ETF yesterday, Grayscale’s Bitcoin ETF conducted its initial pre-market trades on the New York Stock Exchange. With the SEC’s decision, the Grayscale Bitcoin Trust becomes the world’s second-largest commodity-based ETF and the largest spot Bitcoin ETF.
Grayscale Investments received approval from the U.S. Securities and Exchange Commission (SEC) to list shares of its flagship product, Grayscale Bitcoin Trust (GBTC), on NYSE Arca. The registration statement on Form S-3 paved the way for GBTC to function as a spot Bitcoin ETF and be one of the earliest products of its kind in the United States. The spot Bitcoin ETF trades under the name GBTC.
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Launched in 2013, GBTC went public on OTCQX in 2015 and attained the status of a Securities Exchange Act reporting company in 2020. Grayscale’s flagship product played a significant role in shaping the crypto investment landscape by holding 3.16% of the total circulating Bitcoin. The approval symbolizes a significant milestone for GBTC investors and the broader crypto industry.
After the listing, the Trust plans to issue additional shares on a registered basis under the Securities Act of 1933. This strategic move aims to align GBTC’s performance closely with the value of the Bitcoin assets underneath after considering expenses. Grayscale remains ready to continue its role as a leading partner and resource for investors navigating the complexities of Bitcoin and the broader crypto asset class.
Thoughts from Sonnenshein
Grayscale CEO Michael Sonnenshein stated, ‘In 2014, the idea of investing in a abstract, digital, unnatural asset was unimaginable for many. However, like the forward-thinking investors of Grayscale, we believed in the potential of Bitcoin to change the world and were excited about the possibility of democratizing access to this asset through a U.S. regulated investment vehicle, and we still are. The approval of spot Bitcoin ETFs in the U.S. is a giant step for GBTC investors and anyone who recognizes the transformative potential of crypto. Today’s historic result is evidence of the determined patience and support of GBTC investors, and a testament to the hard work and dedication of the entire Grayscale team and our partners.’
Sonnenshein added, ‘We are grateful for the SEC’s thorough review of our application and look forward to the next chapter for GBTC. Undoubtedly, Grayscale will continue to serve as a leading partner and trusted resource for analysts, investors, financial advisors, institutions, and anyone interested in investing in Bitcoin and the crypto asset class.’