BREAKING: Grayscale’s Bitcoin ETF has its first pre-market trades on NYSE

Rick Steves

The spot Bitcoin ETF is trading on the NYSE Arca under the ticker symbol GBTC.

As widely expected following the SEC’s approval of the spot Bitcoin ETF yesterday, Grayscale’s Bitcon ETF had its first pre-market trades on the New York Stock Exchange.

With the SEC’s decision, Grayscale Bitcoin Trust will become the world’s second-largest commodity-based ETF and the world’s largest spot Bitcoin ETF.

Grayscale’s Bitcoin ETF trades under ticker symbol GBTC

Grayscale Investments has secured approval from the U.S. Securities and Exchange Commission (SEC) to list shares of its flagship product, the Grayscale Bitcoin Trust (GBTC), on the NYSE Arca.

The registration statement on Form S-3 paved the way for GBTC to function as a spot Bitcoin ETF and become one of the earliest such products in the United States. The spot Bitcoin ETF is trading under the ticker symbol GBTC.

Having launched in 2013, GBTC gained public quotation on OTCQX in 2015 and achieved the status of an Exchange Act reporting company in 2020.

Currently holding 3.16% of the total Bitcoin in circulation, Grayscale’s flagship product has played a pivotal role in shaping the crypto investment landscape. The approval signifies a significant milestone for GBTC investors and the broader crypto industry.

Following the listing, the Trust plans to issue additional shares on a registered basis under the Securities Act of 1933. This strategic move aims to closely align GBTC’s performance with the value of its underlying Bitcoin holdings after accounting for expenses. Grayscale is poised to continue its role as a prominent partner and resource for investors navigating the intricacies of Bitcoin and the wider crypto asset class.

The SEC’s approval is viewed as a pivotal moment, signifying increased acceptance and integration of cryptocurrency investments into traditional financial markets.

Grayscale CEO Michael Sonnenshein, said: “I joined Grayscale Investments in 2014, when the idea of investing in an intangible, digitally-native, non-sovereign asset was inconceivable to most people. But, like many of Grayscale’s future-forward investors, we believed that Bitcoin could change the world, and we were and remain excited at the prospect of democratizing access to this asset through a U.S. regulated investment vehicle. The approval of spot Bitcoin ETFs in the United States is a monumental step forward for GBTC investors and all those who realize the potential for crypto to transform our future. Today’s historic outcome is a testament to GBTC’s investors for their unwavering patience and support, and to the entire Grayscale team and our partners for their hard work and dedication.”

“We are grateful to the SEC for its diligent review of our application, and look forward to GBTC’s next chapter. With certainty, Grayscale will continue to serve as a leading partner and trusted resource to analysts, investors, financial advisors, institutions, and those interested in exploring investments in Bitcoin and the crypto asset class.”

FinanceFeeds gathered expert insights on impact of Bitcoin ETF

While deVere Group chief executive Nigel Green shared five reasons why the price of Bitcoin will skyrocket over the long-term because of the SEC’s decision, Zodia Markets’ Ireland CEO Michael Walsh said speculation over the price of Bitcoin misses the point of such a big move.

In the meantime, Bestinvest’s Jason Holland feels that a Bitcoin ETF will not arrive to the UK anytime soon, HANetf’s Hector McNeil noted that the milestone is similar vein to the creation of gold ETCs in the early 2000s, and CoinFlip’s Ben Weiss expects to see a surge of liquidity, price increases, market expansion, and institutional involvement.

Here you can also read insights from industry leaders at Chainalysis, Fireblocks, and XBTO on how this will impact both the TradFi and digital asset industries.

XReg Consulting’s Nicky Gomez raised concerns about the growing centralization of crypto and its potential departure from core values, emphasizing the possibility of a larger divide within the crypto community.

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