Grayscale Investments Receives SEC Approval To Uplist Grayscale Bitcoin Trust To NYSE Arca As Spot Bitcoin ETF
Portfolio Pulse from Benzinga Newsdesk
Grayscale Investments has received SEC approval to uplist its Grayscale Bitcoin Trust (GBTC) to NYSE Arca, making it one of the first spot Bitcoin ETFs in the U.S. GBTC, which holds 3.16% of all Bitcoin in circulation, will commence trading on NYSE Arca on January 11, 2024, and will cease trading on OTC Markets. The Trust plans to issue additional shares and employ creations and redemptions to closely track the value of its underlying Bitcoin holdings.
January 10, 2024 | 9:29 pm
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Grayscale Bitcoin Trust (GBTC) has been approved by the SEC to uplist to NYSE Arca as a spot Bitcoin ETF, which is expected to enhance liquidity and potentially narrow the discount to NAV by allowing creations and redemptions.
The uplisting of GBTC to NYSE Arca is a significant development that is likely to increase investor interest and improve trading liquidity. The ability to issue additional shares and the mechanism of creations and redemptions are expected to help the ETF more closely track the value of its Bitcoin holdings, which could potentially reduce the discount to its net asset value (NAV) that has been observed in the past. This could lead to a positive short-term impact on the price of GBTC shares.
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