Grayscale Investments, the world’s largest crypto asset manager, has received approval from the U.S. Securities and Exchange Commission (SEC) for NYSE Arca’s application to list shares of its flagship product, Grayscale Bitcoin Trust (GBTC), as a spot Bitcoin Exchange-Traded Fund (ETF). The SEC’s approval is expected to be effective from 5:00 p.m. EST today. This marks a significant milestone, positioning GBTC among the first spot Bitcoin ETFs in the U.S. market. GBTC shares, currently traded on OTCQX, will now be listed on NYSE Arca under the ticker GBTC.
Trading of GBTC shares on NYSE Arca is anticipated to commence on January 11, 2024. Following this, trading of GBTC shares on the OTC Markets will cease, and the shares will be automatically uplisted to NYSE Arca as a spot Bitcoin ETF. Existing GBTC shareholders are not required to take any action before the uplisting.
Since its launch in 2013 and public quotation on OTCQX in 2015, Grayscale has been a pioneer in the crypto space. As of today, the Trust holds 3.16 percent of all Bitcoin in circulation, highlighting its significant market presence. Grayscale continues to play a vital role in fostering understanding and acceptance of Bitcoin, blockchain technology, and the broader crypto landscape among investors, advisors, media, regulators, and policymakers.
