GBTC ETF: 7 Things to Know as Grayscale’s Bitcoin ETF Starts Trading Today

All eyes are on the Grayscale Bitcoin Trust (NYSEMKT: GBTC ) this morning. That’s because Grayscale was able to classify the trust as a spot Bitcoin ( BTC USD ) exchange traded fund (ETF) after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange traded products (ETPs).

Shares of GBTC were also uplisted to NYSE Arca from the over the counter (OTC) market, effective as of today. No action is required for shareholders to commence this change. “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,” said Grayscale CEO Michael Sonnenshein.

“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.” Grayscale also has plans to issue registered shares while also utilizing “simultaneous creations and redemptions.” The company believes that these actions will help GBTC more accurately track the price of Bitcoin.

GBTC ETF: 7 Things to Know as Grayscale’s Bitcoin ETF Starts Trading Today On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines ..