Grayscale acknowledged that the U.S. Securities and Trade Fee (SEC) accepted its spot Bitcoin ETF proposal on Jan. 10.
Grayscale CEO Michael Sonnenshein stated:
“The approval of spot Bitcoin ETFs in the USA is a monumental step ahead for GBTC traders and all those that understand the potential for crypto to remodel our future. At this time’s historic consequence is a testomony to GBTC’s traders for his or her unwavering persistence and help, and to [Grayscale] and our companions for his or her onerous work and dedication.”
Grayscale defined that the U.S. Securities and Trade Fee (SEC) accepted a proposed rule change permitting NYSE Arca to checklist shares of the Grayscale Bitcoin Belief beneath the GBTC ticker.
Grayscale acknowledged that this may permit GBTC to function as a spot Bitcoin exchange-traded fund (ETF) alongside related funds.
The corporate stated that shares of GBTC are anticipated to start buying and selling on NYSE Arca on Thursday, Jan. 11. It moreover stated that GBTC shares will cease buying and selling on over-the-counter (OTC) markets and could have been mechanically uplisted to NYSE Arca as spot Bitcoin ETF shares at the moment. Grayscale famous that present GBTC shareholders don’t must take any motion on this regard.
The corporate stated it intends to have the Belief problem further shares after the preliminary itemizing and perform simultaneous creations and redemptions.
Grayscale was outstanding amongst ETF candidates
Grayscale’s software gained approval alongside ten different spot Bitcoin ETF purposes. Nonetheless, its software is considerably distinctive and performed a outstanding position within the months main as much as the present ETF approvals.
Grayscale’s proposal has been active since mid-2022. In distinction, many different candidates — together with those that have beforehand utilized for a spot Bitcoin ETF — as an alternative filed new ETF purposes with the SEC beginning in the summertime of 2023.
Maybe most notably, Grayscale went to court docket to compel the SEC to assessment its proposal. Grayscale obtained a ruling requiring that assessment in August.
The truth that GBTC existed earlier than its ETF conversion additionally had implications for its previous worth. Grayscale halted redemptions of GBTC in 2021, and the fund started to commerce at a reduction round that point. That disparity decreased earlier than the most recent approval: YCharts stories that GBTC’s present low cost is -6.53%.
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