Grayscale acknowledges spot Bitcoin ETF approval, says trading begins Thursday

Grayscale acknowledged that the U.S. Securities and Exchange Commission (SEC) approved its spot Bitcoin ETF connection connected Jan. 10.

Grayscale CEO Michael Sonnenshein said:

“The support of spot Bitcoin ETFs successful the United States is simply a monumental measurement guardant for GBTC investors and each those who recognize the imaginable for crypto to alteration our future. Today’s historical result is simply a testament to GBTC’s investors for their unwavering patience and support, and to [Grayscale] and our partners for their hard enactment and dedication.”

Grayscale explained that the U.S. Securities and Exchange Commission (SEC) approved a projected regularisation alteration allowing NYSE Arca to database shares of the Grayscale Bitcoin Trust nether the GBTC ticker.

Grayscale stated that this would let GBTC to run arsenic a spot Bitcoin exchange-traded money (ETF) alongside akin funds.

The institution said that shares of GBTC are expected to statesman trading connected NYSE Arca connected Thursday, Jan. 11. It additionally said that GBTC shares volition halt trading connected over-the-counter (OTC) markets and volition person been automatically uplisted to NYSE Arca arsenic spot Bitcoin ETF shares astatine that time. Grayscale noted that existent GBTC shareholders bash not request to instrumentality immoderate enactment successful this regard.

The institution said it intends to person the Trust contented further shares aft the archetypal listing and transportation retired simultaneous creations and redemptions.

Grayscale was salient among ETF applicants

Grayscale’s exertion gained support alongside 10 different spot Bitcoin ETF applications. However, its exertion is somewhat unsocial and played a salient relation successful the months starring up to the existent ETF approvals.

Grayscale’s connection has been active since mid-2022. In contrast, galore different applicants — including those who person antecedently applied for a spot Bitcoin ETF — alternatively filed caller ETF applications with the SEC starting successful the summertime of 2023.

Perhaps astir notably, Grayscale went to tribunal to compel the SEC to reappraisal its proposal. Grayscale obtained a ruling requiring that reappraisal successful August.

The information that GBTC existed earlier its ETF conversion besides had implications for its past value. Grayscale halted redemptions of GBTC successful 2021, and the money began to commercialized astatine a discount astir that time. That disparity decreased earlier the latest approval: YCharts reports that GBTC’s existent discount is -6.53%.

The station Grayscale acknowledges spot Bitcoin ETF approval, says trading begins Thursday appeared archetypal connected CryptoSlate.