Grayscale acknowledged that the U.S. Securities and Change Fee (SEC) authorized its spot Bitcoin ETF proposal on Jan. 10.
Grayscale CEO Michael Sonnenshein mentioned:
“The approval of spot Bitcoin ETFs in the US is a monumental step ahead for GBTC traders and all those that understand the potential for crypto to remodel our future. At the moment’s historic final result is a testomony to GBTC’s traders for his or her unwavering endurance and help, and to [Grayscale] and our companions for his or her laborious work and dedication.”
Grayscale defined that the U.S. Securities and Change Fee (SEC) authorized a proposed rule change permitting NYSE Arca to listing shares of the Grayscale Bitcoin Belief beneath the GBTC ticker.
Grayscale said that this is able to permit GBTC to function as a spot Bitcoin exchange-traded fund (ETF) alongside comparable funds.
The corporate mentioned that shares of GBTC are anticipated to start buying and selling on NYSE Arca on Thursday, Jan. 11. It moreover mentioned 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 mentioned it intends to have the Belief concern further shares after the preliminary itemizing and perform simultaneous creations and redemptions.
Grayscale was distinguished amongst ETF candidates
Grayscale’s software gained approval alongside ten different spot Bitcoin ETF purposes. Nevertheless, its software is considerably distinctive and performed a distinguished position within the months main as much as the present ETF approvals.
Grayscale’s proposal has been energetic 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 evaluate its proposal. Grayscale obtained a ruling requiring that evaluate 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 newest approval: YCharts stories that GBTC’s present low cost is -6.53%.
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