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.

  • Read this next

    Inside View, Uncategorized

    Why retail brokers are launching prime services

    Insights are provided by leading industry experts, including Elina Pedersen, Co-CEO & CRO of Your Bourse; Andrew Saks, Chief Product Officer at TraderEvolution; Natalia Zakharova, Head of Business Development at FXOpen; and Jay Mawji, CEO of Infinox.

    Institutional FX

    Cboe to launch MSCI-based options and volatility indices

    “We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”


    Traxys taps Quantifi for risk management in commodities trading

    “We wanted to take a more sophisticated approach to risk management and have a consolidated view of risk exposures across our global operating model. Quantifi was our preferred choice as it has a track record of success in the commodities markets.”

    Digital Assets

    Startale Labs Secures Funding for Web3 Expansion

    Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

    Retail FX acquires South African broker Ubutyebi Financial Services, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

    Digital Assets

    Hong Kong advances legislation on stablecoins and crypto trading

    Hong Kong is moving forward with legislation to regulate stablecoins and crypto over-the-counter (OTC) trading in the latest effort to develop a legal framework to service the city’s digital-asset industry.

    Digital Assets

    Do Kwon to be extradited to US as South Korea request overturned

    Terraform Labs co-founder Do Kwon is set to be extradited to the United States to face fraud charges related to massive losses suffered by U.S. investors due to its algorithmic stablecoin collapse.

    Retail FX

    Prop firm Instant Funding pauses US accounts, citing ThinkMarkets ban

    Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.

    Retail FX

    Funded Trader and Alpha Capital switch to cTrader, Lark Funding to DXTrade

    Proprietary trading firms Lark Funding and Alpha Capital have both announced changes to their operations that mainly affect their business with US clients.