The Grayscale Bitcoin Trust, which was established in 2013 and began public quotation in 2015, holds approximately 3.16 percent of the total Bitcoin in circulation as of January 9, 2024. The transition to a spot Bitcoin ETF format is anticipated to enable the trust to more accurately reflect the value of its underlying Bitcoin holdings, net of expenses, through registered share issuances and the facilitation of simultaneous creations and redemptions.
Grayscale’s CEO, Michael Sonnenshein, expressed gratitude for the SEC’s thorough review and the support of GBTC’s investors throughout the process. He emphasized the importance of this development for GBTC investors and the broader potential of cryptocurrencies.
Current GBTC shareholders are not required to take any action in relation to the uplisting. Once listed on NYSE Arca, the trust aims to issue additional shares on a registered basis under the Securities Act of 1933.
Grayscale’s move to list GBTC on the NYSE Arca is seen as a pivotal step for the fund and for investors looking for regulated investment avenues into the digital currency space.
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Source: Cryptocurrency - investing.com
